The central bank of Israel has amended the Banking (Service to the Customer) (Fees) Rules to reduce the number of fees collected from customers of the banking corporations.
The amendment will set out a uniform fee schedule for operational services provided by the credit card companies for payment card transactions
The new regulations will not allow a bank will to charge a transaction fee for immediate debiting through a debit card on the direct channel in addition to removing the deferred payment fee for new transactions made in payments on a payment card.
Although, the amendment will permit the banks to charge a fee for producing confirmation of ownership of a bank account from the second confirmation in a year but the charge for transferring funds in real time through the Zahav system up to a value of NIS1m ($254,253) will be eliminated.
Banks supervisor David Zaken said: "The Banking Supervision Department is continuing to pursue the reduction or elimination of fees and ways to simplify them.
"Fees that are an impediment to competition or a market failure have been cancelled, with the aim of simplifying the banking service products, increasing transparency to the customer, particularly households and small businesses and increasing customers’ ability to compare."