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Supervisor of Banks Yair Avidan said, “The “Banking ID Card” (short-form annual report) is an additional tool to strengthen the customer’s power and assists customers to understand their overall financial situation and to take actions accordingly, in order to get the beset management terms for their accounts. I urge banking system customers to read the “Banking ID Card” carefully and make informed use of it

 

The “Banking ID Card” is a short-form annual report, which presents customers with all the activities in their account in a clear, transparent, and easy to compare format. The information in the report includes current account balances, consolidated information on deposits and savings, consolidated information on loans (mortgage, other loans), information on credit facilities, total fees paid, and additional information on a range of issues such as authorized debits, powers of attorney in the account, and more

 

Customers can use the “Banking ID Card” to know which banking products are in their account, to negotiate with the bank to improve the account management terms, to compare their account management terms with those offered by other banks, and if they want to do so, they can transfer the account in an online, friendly, and no-cost manner

 

The “Banking ID Card” is sent by the bank, once a year on February 28, to households and small businesses, in the same manner that they receive routine notices from the bank (the bank’s website or via Israel Post)

 

In addition, the banking ID card can be requested during the year as well, and to receive up to date information about the account. If a customer want to see detailed information on activity in the account, there is a long-form report as well as the short one

 

Further information on the banking ID card can be found (in Hebrew) at the Bank of Israel website at: https://www.boi.org.il/information/1684/1688/54776/

 

:Following is a link to an explanatory video on the banking ID card

https://www.youtube.com/watch?v=l0k2IdTXp4k

 

:Picture of the Banking ID Card