BREAKING NEWS

Households, small businesses to receive 'Banking ID Card'

FEBRUARY 27, 2017 16:35

In order to streamline personal bank account management, the Bank of Israel is encouraging Israelis to make use of the annual "Banking ID Card" that will be issued to individuals and small businesses beginning on Tuesday. The Banking ID Card is a concentrated report that presents customers of all banks with their activity for the year, in a clear, direct and easy-to-compare form, a Bank of Israel statement explained. Customers will receive the card either through their online account or through the mail.

The Banking ID Card includes information such as account assets, liabilities, total fees paid, standing bank orders and powers of attorney in the account, the statement said. Customers can use these details to keep track of their account, save on account management expenses, become acquainted with banking products within the account and compare the terms of the account with proposals from other banks.

"I urge the public to utilize the opportunity and make informed use of this important report," said Hedva Ber, Bank of Israel's supervisor of banks. "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."

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