Banking woes

June 29, 2008 - 2:25 PM by Jessica · Leave a Comment
Filed under: A New Reality, Business, General, Israeliness

There is supposedly a ‘revolution’ taking place in Israeli banks. The Bank of Israel, Israel’s central bank, announced recently that amalot, the banking fees and commissions charged by the banks, will be cheaper for customers who use direct-banking services, such as the ATM and Internet banking, but more expensive for those who still go to the teller.

It’s all part of a series of bank fees reform going into effect as of July 1, reducing the number of transaction fees charged by the banks by about two-thirds: from 198 to 72. Roni Hizkiyahu, the Supervisor of Banks, says it’s the first time there is a law improving the terms of customers opposite the banks.

What I want to know is whether Rena, the manager at my local bank branch that I’ve been frequenting for 14 years, is aware of these reforms. In one of our infrequent but aggravating run-ins of late — I only hear from her when my account is in overdraft — I was charged for signing a check with a signature that my bank didn’t recognize. I was writing a check to my husband’s account, instead of transferring the money over the Internt, because the bank’s Internet transfer option expires every six months.

Not having the time or desire to shlep over to the bank, I wrote a check instead, using my signature, which has changed since I first made aliyah. When my bank branch didn’t ‘recognize’ the signature, instead of calling me, as they do whenever they want to share bad news, they simply refused the check, charging NIS 18 to each of our accounts. This happened twice, because the teller at my husband’s bank told us to redeposit the check, and my branch — same bank, different branches — would honor it.

And so, despite our desire to avoid walking into the bank and deal with actual human beings, we did just that in order to engage in the rigorous but necessary argument with Rena, to let her know just how upset we were at this treatment.

What’s crazy is that it worked because it’s nearly impossible in the Israeli banking society to completely avoid dealing with people. They expect it; they want you to come in and have a cup of ‘Nes’ with them when you first open an account. They need to know what you look like. And they want to hear you yell and scream when you’re not satisfied.

We patched things up with Rena, and she got rid of the fees. But I’m sure it won’t be the last time that we lay eyes on each other, or the last time that I’m aggravated by the system.

Share with others