An official source at the #Israel Postal #Bank has warned that customers' money is in "real danger" as there is no oversight unit and no one to monitor #accounts for unusual transactions, the Walla #website has reported.
The Postal Bank is regarded as a #social bank giving customers the ability to manage small bank accounts without strict restrictions and with a low interest rate compared with other banks, said #Arab 48 news.
Last week, the #Israeli state-owned Postal Company announced that the bank will start collecting commissions for banking services that used to be free or offered at a very low fee. The #company said that this is part of a recovery plan for the bank, although not all of the plan has been revealed.
Around 600,000 #customers do not know that in recent months their money has not been subject to the standard monitoring that all #financial institutions are required to provide, because the number of employees who are supposed to take care of clients' accounts has fallen by two-thirds. Moreover, the bank's computing system and customer service have been integrated into the #Postal Company's system.
A number of clients have #complained of long wait times for #email enquiries to be answered, and that the bank's #telephone responses are not #professional.