Regulatory Alerts2021-02-25
Bank of Israel Circular C-06-2653 on Sending Notices via Means of Communication
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 420 to implement Amendment 14 to the Checks without Cover Law, 5741-1981. Banking corporations are now required to digitally send notices to account holders or authorized signatories by 8:00 a.m. on the business day following a check presentation with insufficient funds. These notices must specify the check amount, deposit deadline, acceptable funding methods, and relevant legal clarifications regarding potential refusal reasons.
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