The reform for a quick transfer from bank to bank, free of charge will take effect on Wednesday

Posted on Sep 19, 2021 by Ifi Reporter

The Bank of Israel has announced that the reform for a quick transfer from bank to bank, free of charge, which includes a "follow me" service - will take effect on Wednesday immediately after Sukkot. As part of the reform, a new system will be launched which allows customers of the banking system to move from bank to bank online, and at no cost within 7 business days.
After the transfer of activity and automatic closing of the account in the old bank, as long as there is no further activity left in it, the charges and credits that reach the old account will be automatically transferred to the new account as part of a new "follow me" service.
This complex system, developed over more than three years by the banking system, including through MSAB as the central factor of the project, is expected to significantly simplify the current transition process and should allow customers to improve their terms of engagement with banks.
Finance Minister Avigdor Lieberman said that "a rapid transition from bank to bank is an important step and an integral part of the policy of increasing competition that we adopt in the various industries. The transition is free of charge to make the service accessible to all citizens. "It affects and facilitates the daily conduct of all of us."
Governor of the Bank of Israel, Prof. Amir Yaron: "Completing this step is another step on the way to a more open, transparent and competitive financial system that we promote on several fronts and that will allow the customer to easily and conveniently choose the various financial service providers he needs. We will continue to take advantage of the digital age "Processes and lowering barriers in the financial system and payment systems. The system was established after hard work and investment of multiple inputs in the Bank of Israel together with the Ministry of Finance, Masab and the various banks and for that I want to congratulate all partners in the work."
The Supervisor of Banks, Yair Avidan: "The launch of the online system for switching between banks is a significant step in increasing competition in the financial system, and joins other steps we are taking in order to encourage competition, for the benefit of the general public. "The bargaining of customers in negotiating with the bank on improving the terms of account management, and the competition between the banks for the service. We will continue to lead further moves in order to facilitate the general public in dealing with the bank."


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