Yisrael Liebman, head of the financial counseling non-profit Mekimi, expressed satisfaction Sunday with a proposed law put forth by Naftali Bennett (Bayit Yehudi). Bennett’s bill would expand the banking services the Post Office Bank is allowed to provide.
The Post Office bank “is the only bank that does not sell illusions with no coverage,” Liebman said. “This is a bank that will not exploit the poor and the middle class, a bank that does not sell illusions and will not try to commit them to sums they cannot afford.”
“The time has come for Israel to give competition between banks a chance,” he added, “to create a new model of banking.”
The Post Office bank does not allow customers to spend more money than they have in their account, a practice common in other banks, which term such overspending “overdraft” and charge high interest rates for the negative balance.