Beware the banks
Received from fellow lawyer (and cousin by marriage) Dan in Rechovot:So Sara was at our bank (Discount) this morning - among other things, we noticed that in addition to getting hit with the annual fee for our credit card, there was an additional 78 shekels each for an ATM ("caspomat") card. Turns out that the bank just assessed this against us even though we don't have separate ATM cards, since our credit card doubles as an ATM card. So Sara asked for the money back. No problem, the bank employee tells her, just sign this form. Except the fine print says we'll only get back 54 shekels each - the rest is a service charge (amla) that they won't refund. So Sara had to file a separate request to get that money back.Fellow Israelis, Dan is right. There is no other country in the world whose banks make most of their profits off 'service charges' to households like yours and mine. Be alert. Read your bank statement.
The banks routinely hose each every one of us, have been doing so for years and do it even more so since the passage of last summer's so-called reforms in banks fees. I urge all of you to carefully check your bank statements and charges, and if your bank is doing charging you too for an ATM card you didn't ask for, never received and don't need, or providing any other "service" you didn't request, we should consider filing a class action suit against all the banks. There's no reason each individual should have to waste an hour at the bank getting back money that should never have been taken from his account in the first place.
For you non-Israelis, it's approximately NIS 4.05 to the dollar, and if anyone can manage to get a banking license here and break the cartel, we will all be grateful.
posted by Carl in Jerusalem @ 12:54 PM
2 Comments:
So far, I can't find anything out of the ordinary in my bank's charges to us over the last few months.
Growing up in NY, my parents taught me the value of saving money and earnings from the tender age of 5, when my late grandmother opened up a savings account for me.
I recall going to the bank and depositing coins and an occassional bill back then. And so I continued till this day to appreciate the value of savings.
Sadly, I can barely teach my children this lesson today in Israel. They would wind up in overdraft from the fees.
And so a whole nation never learns the value of money and savings. Boy, does it show!
Continuing my previous comment, the banks here are double stupid.
If they'd offer children's savings accounts with no fees until 18 or post military, plus a reasonable ROI rate, they might have the opportunity of locking in customers for life.
But that would be intelligent. However, it would also require long term commitment and a reputation of trust. So who am I fooling?!
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