Approved: A transfer from bank to bank at no cost within a maximum of 7 days

The Ministerial Committee on Legislation approved the bill of the Minister of Finance, Avigdor Lieberman, "to promote competition in banking", which will allow a transfer from bank to bank at no cost within a maximum of seven days. The decision to bring the law to the approval of the committee, which was suspended for many months due to disputes between Netanyahu and Ganz in the outgoing government, was intended to bring the law into law quickly and even before the Knesset leaves for the summer recess. The law will be passed within days in the Knesset.
The Minister of Finance approved the Ministerial Committee for Legislation to expand customer protection during the transition between banks, when to date such a move has involved a great deal of bureaucracy of transferring standing orders, share payments, share portfolios and deposits from bank to bank.
Lieberman presented to the committee a bill that complements the mobility reform between banks by stipulating consumer protections for the customer when performing the mobility within just seven days, so that the reform can be implemented with all the necessary protections.
The purpose of the law that will now be promoted in the Knesset is to supplement the consumer protections for the customer during the transition, increase his sense of security and encourage the use of the new mobility service.
In particular, the law stipulates that the bank that picks up the customer during the mobilization procedure will constitute a "single address" for the customer and will be responsible for correcting faults in the mobilization process and compensating the customer in case of damage. This will increase customer comfort during the move, which will encourage customers to use the new move process.
The mobility reform is designed to allow a customer to transfer his bank account to another bank online, conveniently, securely, at no cost, in just seven days. This reform is expected to be launched in the coming months, after the banks prepare for the new situation.
It should be noted that when transferring from bank to bank, all the customer's affairs will be handled by the banks without the need for the account holder to have to transfer standing and billing instructions, update those with whom he is in financial contact, and the like. Everything will be done by the banks and the customer will be notified that the transition has been completed.