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Digital Bank One Zero Accuses Rivals of Unfair Customer Retention Tactics
Digital bank One Zero has complained to the Competition Authority that major banks are offering customers cash incentives to close accounts with new banks, calling the practice "predatory." One Zero cited Bank Leumi offering 500 shekels to a customer to return, plus more over three years.
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What happened
- 01Digital bank One Zero filed a complaint against major banks for "predatory" customer retention tactics.
- 02One Zero alleges banks offer cash incentives, like 500 shekels from Bank Leumi, to close rival accounts.
- 03The digital bank claims these practices unfairly subsidize a minority of customers.
- 04One Zero requests a ban on rewarding customers for closing accounts at other banks.
- 05The Competition Authority is currently reviewing the complaint.
- 06Bank Leumi stated its retention offers are legal and independent of the customer's destination.
The digital bank argues this practice, aimed at retaining customers who have already moved, unfairly subsidizes a minority. The Competition Authority is reviewing the complaint, while Bank Leumi maintains its retention offers are legal.
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