From October 1 – how banks' operations will change

Starting October 1, the first phase of the Bank of Israel's banking reform comes into effect in Israel. The maximum monthly fee for debit card maintenance is reduced from 9 to 7 shekels. Fees for account searches, inheritance inquiries, and check returns due to technical reasons are abolished. The second phase is scheduled for July 1, 2027.

Starting October 1, 2026, the first phase of a large-scale banking services market reform initiated by the Bank of Israel comes into effect in Israel. The reform aims to protect consumers and reduce financial burdens. The key change is the reduction of the maximum monthly fee for debit card maintenance from 9 to 7 shekels. Approximately 1.8 million such cards are in circulation, allowing holders to save tens of millions of shekels annually. Fees for account searches, handling inheritance matters, and check returns due to technical reasons are completely abolished. A limit is set for changing the mortgage payment date — no more than 5 shekels for the first four changes per year. The second phase of the reform is scheduled for July 1, 2027: the system of charging for individual transactions will be replaced by a single 'payment account management' service. A standard package of 100 transactions will cost no more than 10 shekels per month, and for clients with minimal activity — up to 5 shekels. Banks may switch to the new system early, but experts doubt they will do so due to IT costs and revenue losses. The level of competition in the sector remains low, and clients rarely change banks.

From October 1 – how banks' operations will change