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Israel: Banking Services for Senior Citizens

(May 17, 2012) On May 8, 2012, the Knesset (Israel's parliament) passed an amendment to the Banking (Service to Customers) Law 5741-1981. According to the Law, a banking corporation must inform its customers of the fees it charges for its services. Additionally, it must send its customers a notice, either digitally or by mail, once every six months, of all the charges made to their accounts for banking services. (Banking (Service to Customers) Law 5741-1981, 35 LAWS OF THE STATE OF ISRAEL 312 (5741-1980/81).)

The amendment authorizes the Governor of the Bank of Israel to issue appropriate rules for the regulation of both the format of the notice as well as the size of the print that is used in messages sent to senior citizens regarding services performed for them and the costs. (Banking Law (Service to Customers) (Amendment No. 18) 5772-2012 & bill [both in Hebrew], Knesset website (both last visited May 16, 2012).)