Israel's Central Bank Launches Online Service for Post-Dated Checks
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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