The
Banking Supervision Department urges the public to reduce the costs of managing
their accounts, by using the annual report—“Banking ID Card”—that will be sent
to bank customers by the banking corporations.

 

The “Banking
ID Card” is a concentrated report presenting the customer with all the activity
conducted in the account, in a clear, direct and easy to compare form. The
Banking ID Card is sent to all customers (individuals and small businesses)
once yearly on February 28, through their online account on their bank’s
website or through the mail (in accordance with each customer’s main means of
communication with the bank). The report will be available at the online
account on the bank’s website for 3 years. Likewise, a Banking ID Card may be
requested at any time during the year, and through it to receive up to date
account information.

Supervisor
of Banks Dr. Hedva Ber said
,
“Ahead of the yearly report being sent to bank customers, I urge the public to
utilize the opportunity and make informed use of this important report. The
report is written simply and in an identical format by all the banks, and can
help every customer—household and small business—understand their overall
financial situation, see how much they paid in fees and in interest on all
their bank account activity during the year, and to act to reduce costs through
receiving a competing offer from competitor banks and negotiating with their
existing bank.”

 

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 credit
    facilities.
  •  Total fees paid by the customer.
  •  Additional details such as standing bank
    orders and powers of attorney in the account.
  •  If the customer is interested in examining the account activity more
    extensively, then in addition to the short-form report there is also a more
    detailed report.

 

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 the account, how much was paid for them, or the profit
    derived from them.
  • Compare the current terms of the customer’s account
    with proposals from other banks.  This
    comparison could lead customers to the conclusion that it pays for them to
    switch their account to another bank.
  • Save account management expenses.

 For
tips for the optimal use of the reports (in Hebrew), click on the following
link:

 http://www.boi.org.il/he/ConsumerInformation/ConsumerIssues/Pages/BankID.aspx