Mercantile Bank fees are the highest in Israel

The bank's fees are over triple that of Bank Yahav, the least expensive bank, which charges just NIS 6.1 a month on average.

July 2, 2014 17:13
Bank of Israel

Bank of Israel 370. (photo credit: Wikimedia Commons)


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Mercantile Bank charges the highest monthly fees, according the Bank of Israel’s Semiannual Report on Banking Service Fees, presented on Tuesday to the Knesset Economics Committee.

With monthly costs averaging NIS 21.3, the bank’s fees are more than triple that of Bank Yahav, the least expensive bank, which charges just NIS 6.1 a month on average.

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The Arab-Israel Bank was a close second, at NIS 18.5 average monthly fees.

Among the five biggest banks, Bank HaPoalim was the cheapest, at NIS 12, while First International Bank of Israel was the most expensive, at NIS 16.2.

The average across the board was NIS 13.8.

Credit-card fees also varied widely, according to the report.

“In terms of the average monthly cost per card for holding a domestic, international or gold card, Isracard was least expensive (approximately NIS 4.9), and ICC-Cal (Cartisey Ashrai Le’Israel) was the most expensive (approximately NIS 9.5),” it said.

In April, the Bank of Israel imposed new rules requiring every bank to offer a basic checking account for a maximum of NIS 10, which would allow customers to execute 10 activities on their own plus one teller-executed activity per month.

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