A recent study by the Knesset’s Finance committee revealed that bank commissions cost the average family almost seven times the amount reported by the Bank of Israel. While the bank issued a report three months ago showing that the average household pays NIS 430 a year in bank fees, the Finance committee study showed that the average household pays NIS 2,925 a year in fees.

The difference in amounts was apparently due to the fees included in the study. The Bank of Israel study included only fees involved in the direct management of bank accounts, while the Finance committee study included fees attached to credit card use, computer services, and other bank services.