Communications Minister Ariel Atias of Shas has announced he will not permit the Postal Authority [which is under his jurisdiction] and the Finance Ministry to significantly raise bank costs for clients of the Postal Authority Bank, which the minister explains serves the lower income sector of the population. Atias adds that many talmedei torah, seminaries and frum families rely on the Postal Bank since its rates are significantly cheaper than the standard commercial banks. The treasury sees the proposed move as an easy way to generate additional income.

The minister stated that instead of complaining of costs and the need for additional revenue, he advises the Postal Authority to begin taking advantage of the recent decision permitting postal branches to selling office supplies, telephones and some insurance as well. This he explains will bring in an estimated NIS 150 million annually.

He also lashed out at the national government, particularly the treasury, which executes some 2 million bank transactions annually in the Postal Bank without paying for the service, stating the time has come for the national government to begin paying its way as well, instead of trying to pass on the need to raise funds to the bank clientele.

(Yechiel Spira – YWN Israel)