Likud Beytenu MK hopes to outlaw banking charges

MK Gila Gamliel proposes a reform she says could help both customers and the banking system by canceling banking fees.

May 12, 2013 17:39
1 minute read.
Gila Gamliel

Gila Gamliel 311. (photo credit: Ariel Jerozolimski [file[)

Banks may have to find a new business model if a bill by MK Gila Gamliel (Likud Beytenu) cancelling all banking fees passes.

Ahead of a Monday Knesset Economics Committee with Banks Supervisor David Zaken, Gamliel announced Sunday that she plans to propose a bill that will not allow banks to have service charges on checking accounts.

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"The time has come for a reform that will be good for both costumers and the banking system," Gamliel said. "The average citizen does not think of negotiation the conditions of his or her bank account, and the burden falls on him or her because the banks give businesses and corporations automatic exemptions from service charges."

Gamliel's proposal would cancel 13 banking fees including charges for withdrawals, printing bank statements, for transferring money to another account and for depositing checks.

According to the Likud Beytenu MK, "the banks have enough sources of funding from liquid funds in checking accounts and accounts in a debit balance. We should cancel banking fees for checking accounts once and for all for all customers, not just the preferred ones."

A similar bill was proposed last year, but did not become law because the Knesset was dissolved. Gamliel says she plans to see her bill through the legislative process and make sure it passes.

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