Bank of Israel: the service, which will initially be provided after bank hours, will be expanded in the future to coincide with bank hours too.
Countrywide post office branches will provide cash withdrawal services and cash & cheque deposit services for those clients who hold accounts at commercial banks.
Examiner of Banks Zeev Abeles today despatched a circular concerning the provision of bank services via Postal Authority branches. The circular indicates that it is possible for banks to allow their clients to draw cash and to deposit cash and cheques in commercial bank accounts at Postal Bank branches. The change goes into effect immediately, but will be gradually implemented according to agreements between the banks and the Postal Bank.
The Bank Examiner estimates that in the first stage, the service will be provided at Postal Bank branches predominantly after (regular) bank hours. In the course of time, after problems involving cheques have been sorted out, clients will be able to deposit and draw cheques at the Postal Bank even while (regular) banks are open.