80% have not set overdraft limit

Limits are placed on roughly 60,000 bank accounts annually due to a lack of sufficient funding, and 1.8 million checks bounce.

By DANIEL KENNEMER
November 21, 2005 07:13

With the regulation forbidding exceding agreed credit limits coming into effect in only six weeks, some four out of five private banking clients have yet to set their individual limit with their bank, Dun & Bradstreet Israel said Sunday. Currently, the average Israeli household goes NIS 18,000 into debt each year, bringing the country's total overdraft to about NIS 3.5 billion yearly, the company said, adding that the debt brings Israeli banks roughly NIS 450 million in revenue each year. Limits are placed on roughly 60,000 bank accounts annually due to a lack of sufficient funding, and 1.8 million checks bounce.



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