Adding bounce to the checks

September 7, 2005 - 9:24 AM by

One of the reasons I’ve stayed in Israel for more than twenty years is the great banking system.

Seriously. Others may take every opportunity to slam the long lines, ornery tellers, and incomprehensible fees for every single transaction. But I ask you – where else can you have no money in your account (and actually be way in the negative column) but still continue to write checks, withdraw cash from the ATM, and for all intent and purpose, behave like you’re solvent?

I’ve managed to survive all these years thanks to overdraft – a remarkable system that blurs the distinction between positive and negative numbers (which would have come in handy in 9th grade Algebra). As long as I don’t stray too far over my overdraft ‘misgeret’ (border), which is based on a customer’s salary, savings, and how friendly they are with Julia, my bank’s financial advisor and amateur psychologist.

However, dark clouds are on the horizon. Yesterday I got a call from Julia. “I just wanted to tell you that as of January 1, 2006, a new law’s going into effect,” she told me. “You won’t be allowed to go one agora over your overdraft border any more. If you do, and you try to write a check, it will bounce and you’ll have to pay a fine. And you won’t be able to take cash out of the ATM either.”

What? I have to start keeping track of how much money I don’t have in my account? I have to start balancing my checkbook? I’ve managed to escape these adult responsibilities for 20 years, I’m not sure if I can start now, I moaned to Julia.

“Don’t worry, we’re going to have some loan packages available which will get you out of overdraft, and we’ll advise you on how to stay out,” she answered.

Great, I thought. This sounds like too much work. If I had wanted a tidy bank account, I could have stayed in America.

I immediately decided I needed to get a croissant and coffee, and ran downstairs to the trendy Aroma Cafe. But I didn’t have any cash, so I naturally went straight to the nearest ATM and withdrew a hundred shekels.

I didn’t check my balance. There’ll be time for that on January 1st.

Tags: • Category: General, Israeliness 

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