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English > News > The Consumer Council is promoting a bill to set a maximum price for ATM (automated teller machine) fees for withdrawals >

The Consumer Council is promoting a bill to set a maximum price for ATM (automated teller machine) fees for withdrawals

After hundreds of ATMs attached to bank branches have already been closed and have disappeared, this empty space is being filled by commercial companies that own private machines and the fees may reach up to NIS 9 for a single withdrawal of NIS 400. If you want to withdrawal more money, you will have to pay the fee again.

Consequently, the "ATM protest" called on the Ministry of Finance to supervise the private ATMs. A sample survey conducted on Allenby Street in Tel Aviv has revealed that there are only four devices operated by banks under supervision against 16 private devices deployed on the street with fees reaching 6.90 shekels and up to 8.90 shekels for cash withdrawal.

An examination conducted by the Consumer Council has revealed that about two-thirds of ATMs are private and charge excessive and unregulated fees. Following the private ATM protest, the Consumer Council, in cooperation with the Ministry of Economy, promotes a bill aimed to limit the fee and set a maximum price for cash withdrawal fee.

Josh Goldschmidt, CEO of the Consumer Council: "At the Consumer Council, we have examined the data on ATMs throughout the country. ATMs actually affect each one of us – consumers - and we know that almost one-third of the ATMs across the country do not belong to banks and that most ATMs, about two-thirds, are private, charge excessive fees and are not supervised".

"We have submitted a draft bill to the Ministry of Economy how to reduce the fees in the private machines. The bill, in cooperation with the Ministry of Economy that will lead its implementation, will actually set the maximal price for the withdrawal fee in private ATMs. In the first stage, the whole issue of private ATMs in public and governmental places, such as ministries and hospitals, shall be dealt with. There are many public places where consumers are captive customers, they must withdraw money from a private ATM and they are forced to pay a high commission".

"In general, it is very important to deal with this field and also to disperse the ATMs so that in virtually every municipality, in each city and in each village, there will be a reasonable number of ATMs providing the service to the consumer at a reasonable price".

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The Israel Consumer Council is the largest consumer organization in Israel. It is a statutory, non-profit corporation which works to defend consumers and protect their rights, by handling complaints, seeking solutions..