The Banking Supervision Department at the Bank of Israel today begins a broad public information campaign regarding the “Banking ID card”.
The “Banking ID card” is a short-form report showing the customer all activity taking place in his account, in a clear, transparent, and easily comparable format.
Supervisor of Banks Dr. Hedva Ber said, “The Banking Supervision Department has made sure to provide you, the bank customers, with an innovative tool—“the Banking ID card”—in order to assist you and increase competition in the banking system. The new report, which is written in a simple language and in a format that is identical among all the banks, will help every customer—household or small business—to understand his overall financial situation, to see how much he is paying in fees and interest during the year for all activity in the bank account, and to improve the conditions of his account. I call on the broad public to make use of the banking ID card.”
What information appears on the Banking ID card?
- Assets in the customer’s account, including current account balances, deposits and savings.
- Liabilities, such as loans and lines of credit.
- Total fees paid by the customer.
- Additional details such as standing bank orders and powers of attorney in the account.
How will the Banking ID card help the customer?
With the Banking ID card, the customer can:
- Keep track of the account, manage it more easily, and in a more informed way.
- Get to know the banking products that exist in his account, how much he is paying for them, and the profit derived from them.
- Compare the current terms of his account with proposals by other banks. This comparison could lead the customer to the conclusion that it pays for him to switch his account to another bank.
- Save account management expenses.
When and how will the customer receive the Banking ID card?
- The Banking ID card will be sent by the bank, once per year on February 28, to its individual and small business customers, through their online account on the bank’s website or by mail. Customers can also request the Banking ID card during the year, and obtain up-to-date information on their account through it.
- If a customer wants to delve deeper into the activity in the account, a more detailed report is available in addition to the short-form report.
In order to help illustrate what the Banking ID card is and how it can help bank customers, please view the information video at this link (in Hebrew):
In addition, the public is invited to visit the Bank of Israel’s website, which includes explanations and tips for the efficient and informed use of the reports:
http://www.boi.org.il/he/ConsumerInformation/ConsumerIssues/Pages/BankID.aspx (in Hebrew).