Regulatory Alerts2014-12-15
Added
Amendments to Proper Conduct of Banking Business Directive 432 on Transfer of Activity and Closing Account
The Bank of Israel amends Proper Conduct of Banking Business Directive 432 to simplify the processes for customers closing accounts or transferring activity to a new bank. The directive mandates that banks enable requests via electronic, branch, or phone channels, provide a periodic report and transfer guide within seven business days, and complete transfers within five business days. It prohibits conditioning account closure on returning checkbooks or recanting transfer intentions, requires the return of credit balances without fees within 14 days, and allows the new bank to act on the customer's behalf with written agreement. These changes apply to banking corporations and credit card companies, with full implementation scheduled for January 1, 2015, and specific sections effective July 1, 2015, and February 28, 2016.
More like this from BOI
We email you every new BOI publication the day it's published.