Over the course of 2020, Israel's bank supervisory entity handled a five-year record number of complaints from members of the public, who filed some 10,500 requests for information and complaints, according to a new review published Tuesday by Supervisor of Banks at the Bank of Israel Yair Avidan.
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According to Avidan's report, the increase in complaints stemmed from the COVID crisis and its effects. Approximately one-quarter (24%) of the complaints were deemed "justified."
A total of 6.1 million shekels ($1.96 million) were returned to the public as their complaints were resolved. In 30% of the complaints, the bank customers received assistance in the form of financial aid, a debt being wipe off the books, a request being granted, compensation, and more.
Avidan said that the country's banks had been emphasizing the need to investigate each complaint; protect vulnerable populations; supply equal banking services; adopt fair advertising and marketing practices; and adhere to policies of transparency and professional, available service. Avidan also said banks were attempting to ensure information privacy, protect customers against fraud, and exhibit responsible business behavior.
