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Bank Leumi CEO Opposes Mandated Interest on All Checking Accounts
Hanan Friedman, CEO of Bank Leumi, stated his opposition to a mandate requiring banks to pay interest on all checking account balances. He believes banks should have the option but not be forced to pay a uniform rate to all customers.
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What happened
- 01Bank Leumi CEO Hanan Friedman opposes mandating interest payments on all checking account balances.
- 02Friedman argues that the immediate availability of checking account funds limits their use for lending.
- 03He believes banks should compete for customers with interest rates, not be forced into uniform payments.
- 04Bank Leumi currently offers limited interest on checking accounts to eligible customers.
- 05Private customers' checking account balances in Israel totaled NIS 233 billion as of June.
Friedman argued that the immediate availability of checking account funds limits their use for lending, unlike fixed deposits. Bank Leumi currently offers limited interest on checking accounts to eligible customers, with private checking account balances totaling NIS 233 billion in June.
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