Legal Updates

Limitations due to bouncing of check due to lack of funds withheld due to the Corona Crisis

March 22, 2020
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Published in Afik News 305 25.03.2020

Under law, in case of lack of funds to cover a check, the check will be “bounced” by the bank and upon the bouncing of ten checks due to lack of funds within a twelve months period, the bank account will be limited and its owner will be declared a limited customer. In this situation, various restrictions are imposed such as inability to withdraw checks, inability to open a new bank account and more. Due to the crisis created by the Corona Virus, emergency regulations were promulgated, which, together with the declaration of the Supervisor of Banks, set a delay in the restrictions on accounts and their owners from 04.03.2020 for 110 days or until the end of the emergency period, whichever is earlier.

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