Regulatory Alerts2017-03-06
Added
Amendments to Proper Conduct of Banking Business Directive no. 401 Regarding Branch Closures and Operating Hours
The Bank of Israel amended Proper Conduct of Banking Business Directive no. 401 to update publication requirements for banking corporations regarding temporary branch closures and changes in operating hours. For one-time reductions in working hours or temporary closures, notices must now be published on the corporation’s website and at the branch entrance, replacing previous requirements for newspaper and Broadcasting Authority announcements. The directive also deleted the obligation to inform the Supervisor of Banks about temporary closures and removed the requirement to offer an alternative branch in the same locality, allowing customers to use direct channels such as ATMs, websites, or mobile applications instead. Additionally, Section 8 was revised to require that if a significant change in working hours causes a customer to transfer accounts within 60 days, the bank must implement the transfer without charging a fee.
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