חוק הבנקאות (שירות ללקוח) (תיקון מס' 39), התשפ"ה–2025Banking Law (Service to Customer) (Amendment No. 39), 2025 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Law imposes an obligation on a banking corporation to notify its customers who are individuals of a credit balance in their current account, if a credit balance exceeding 15,000 new shekels has accumulated in the account for a continuous period of at least a calendar quarter. In the notice given to the customer, the banking corporation must include a reference to information about other investment alternatives that may yield the customer a higher return compared to leaving the amount in the current account balance. Regarding the amount of the credit balance specified in the Law, the Law authorizes the Minister of Finance, with the agreement of the Governor of the Bank of Israel and with the approval of the Knesset Economic Affairs Committee, to change the said amount by order. The Law provides that notice of a credit balance as described shall be given to the customer at the start of each quarter, but for a period of 18 months from the effective date of the Law, the notice shall be given at the start of each month regarding the previous month. At the end of the temporary provision period, the Governor of the Bank of Israel may determine, by order, with the approval of the Knesset Economic Affairs Committee, that such notice shall be sent more frequently than once a quarter. Regarding the manner of delivering the notice to the customer, it is determined that the default is delivery in writing in an immediate and accessible manner (such as via text message), unless the customer requested to receive the notices in another way, and it is also determined that the notice shall be delivered to the customer in the manner by which the banking corporation sends him notices, as agreed between them. In cases where the banking corporation knows that the customer cannot receive a written notice (such as a customer who has a "kosher phone"), a voice notice shall be given to the customer as an alternative to the written notice. It is further provided that the Supervisor of Banks at the Bank of Israel may establish, within proper banking management directives, provisions regarding the notice to be given to the customer, if he deems it necessary. In such directives, the Supervisor may establish provisions regarding the obligation to refer to information about investment alternatives, including, among other things, an obligation to refer to investment with other financial entities. Regarding enforcement of the provisions of the Law, it is determined that the Supervisor of Banks is authorized to impose a financial sanction in the amount of 50,000 new shekels on a banking corporation that did not send its customers such notice of a credit balance in their accounts, or that sent such notice not in accordance with the provisions of the Law. The Law shall enter into force on 21 November 2025, that is, at the end of six months from the date of its publication in the Official Gazette.

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