The Bank of Israel ordered on Monday a 50 percent cut in fees Israel’s banks charge customers’ checking accounts.

The banks make money, piles of it, by milking customers for two transactions for every check – one for the deposit and one for the transfer of funds.

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Bank of Israel Supervisor David Zaken ordered a stop to the procedure on Monday, leaving customers to be billed for only once charge per check, Globes business newspaper reported.

Zaken also ordered reforms in the area of stock exchange transactions.

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