Israel Discount Bank (TASE: DSCT) has introduced interest-free overdrafts for customers whose current account minus balance does not exceed NIS 2,000. The bank has also cut overdraft credit allocation fees by half – a fee paid by customers who have requested an overdraft framework but have not used it.
Discount Bank has also promised that it will introduce more measures in order to attract new customers and prevent existing customers from moving to another bank.
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Hassle-free switching between Israeli banks underway
These steps by Discount Bank come three months after the Bank of Israel’s reform, which was meant to make it easier for customers to switch banks. In practice only a few tens of thousands of customers have reportedly made the move, in part because the banks have made little effort to tempt new customers.
This may change with the imminent launching of full operations in Israel of the One Zero digital bank, which declares that it believes in low fees.
Published by Globes, Israel business news – en.globes.co.il – on January 7, 2022.
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