Regulatory Alerts2019-12-16
Switching Banks Online (Proper Conduct of Banking Business Directive no. 448)
The Bank of Israel issued Directive no. 448 to implement Amendment 27 of the Banking (Service to Customer) Law, requiring banking corporations to facilitate online bank switching. The directive establishes mandatory rules for the switching process, including specific stages, timetables, due disclosure, and customer consent to ensure continuity of financial activity. It aims to stimulate competition and improve customer service by enabling efficient, reliable, and cost-free transfers of financial accounts between banks.
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