Israel's Central Bank Launches Online Service for Post-Dated Checks
Translated & summarized from Mignews by baba
The Bank of Israel has launched a new service enabling customers to deposit post-dated checks digitally through mobile banking apps. This allows for checks up to 100,000 shekels to be submitted remotely, with funds credited on the specified future date.
The story in 5 lines · by baba
- Bank of Israel allows online deposit of post-dated checks.
- Service available via mobile banking applications.
- Checks up to 100,000 shekels can be submitted.
- Maturity dates can be up to 13 months.
- Service operates 24/7, eliminating branch visits.
Starting this week, the Bank of Israel has introduced a new service allowing customers to deposit post-dated checks through their bank's mobile applications for the first time. This new option enables clients to submit checks marked "for recipient only" with a value of up to 100,000 shekels and a maturity date of up to 13 months. The service operates 24/7, eliminating the need to visit bank branches.
The process for a post-dated check involves writing it with a future date. The recipient can deposit it with the bank in advance, but the funds will only be credited to the account on or after the specified date. The key innovation is that these checks can now be photographed and submitted via a mobile app ahead of time. The financial institution will store an electronic image of the check and present it for payment strictly on the designated date.
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