Hapoalim cancels fees for Holocaust survivors [p. 17]

December 25, 2006 22:11
1 minute read.


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user uxperience almost completely free of ads
  • Access to our Premium Section and our monthly magazine to learn Hebrew, Ivrit
  • Content from the award-winning Jerusalem Repor
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Bank Hapoalim on Monday was the first bank to immediately cancel the commission fees the bank charged on the transfer and currency exchange on reparations that Holocaust survivors receive from abroad. "I very much hope that our decision will help this important part of the population, which is being compensated," said Zvi Ziv, CEO of Bank Hapoalim in a response letter to Moshe Kahlon, chairman of the Knesset Economics Committee, who on Sunday sent a letter to all the local banks demanding the cancellation of any fees charged for the transfer and currency exchange transactions of compensation funds received by survivors of the Holocaust. The Knesset Economics Committee, which is in the process of reviewing legislation, which would limit the ability of banks to impose fees on customers and allow third-party supervision over fee increases, decided to act on behalf of complaints received from the survivors about the fees they were charged. The other banks - apart from Bank Mizrahi-Tefahot, which said that it did not charge any fees for the transactions of Holocaust reparations in the first place - were still reviewing Kahlon's request. This month, the Knesset Economics committee announced its support for reform within the banking industry, which would include decentralization of the top banks, elimination of fees and greater transparency for customers. Bank fees became a hot topic last month after Bank Leumi, Bank Hapoalim and Israel Discount Bank announced plans to raise many of their charges, angering customers. In response, Committee has been reviewing legislations proposed by MK Amnon Cohen and MK Gilad Ardan, which would limit the ability of banks to levy fees on customers, impose third-party supervision over fee increases, as well as ban certain types of fees such as the penalties imposed on customers who attempt to switch to another bank.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection