Bank of Israel site enables banking cost comparisons

Beginning tomorrow, the Bank of Israel website will have calculators for checking the cost of checking accounts and credit cards. The new service comes ahead of the coming into effect of the bank fees reform.

The Bank of Israel will also publish comparative basic bank fees for checking accounts, credit cards, securities, and fees for managing small business accounts. It will be possible to download from the site a price comparison statement that individuals will be able to use when negotiating with their banks over fee plans.

The site is also due to include FAQs about the bank fee reform, a guide about important figures and the importance of making comparisons, and tips on how to save money on fees.

The Bank of Israel will also periodically publish announcements on comparative costs at different banks. The Banking Supervision Department is also making available to the public a phone number - 02-6552689 - and e-mail - queries - for queries and clarifications.

It is already easier to switch banks at a maximum fee of NIS 40 for a checking account and an additional NIS 40 for a credit card.

Comparative figures of the Banking Supervision Department state that as of today:

• Bank Hapoalim (TASE: POLI; LSE:80OA) is the cheapest bank for managing a checking account.
• Bank Leumi (TASE: LUMI) is the cheapest bank for customers with limited activity in their checking accounts and for customers who generally use tellers for transactions.
• First International Bank of Israel (TASE: FTIN1;FTIN5) and Union Bank of Israel (TASE: UNON) are the most expensive banks for managing a checking account.

Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2008

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