Counting Tzedakah Coins

According to Bank of Israel directives from a few months ago concerning the deposit of coins, the depositor pays a considerable amount of money for this service, which can vary from bank to bank. The Bank of Israel would offer this service for free up to a limit of 5,000 shekel including no more than 1000 coins. This causes considerable difficulty for the larger charity organizations. MK Uri Maklev of United Torah Judaism has appealed to the Bank of Israel on this issue.

In the wake of MK Maklev’s appeal, Director General of the Bank of Israel Hezi Kalo held a meeting a few months ago with MK Maklev and other officials wherein he presented the problems caused to charity groups by the new directives. He explained that charities depend on the collection of coin after coin and the exorbitant fees of the new directives took considerable percentages from their income. Kalo promised to explore the issue because of judicial claims that were brought up that it would be hard to differentiate between commercial and non-profit sectors.

Kalo has now told Maklev that the Bank of Israel has directed the banks to take the needs of the non-profits and charitable organizations into account, notwithstanding the new directives. In addition, the Bank of Israel itself with ease the deposit of coins. He added that, “if any charitable organization or public institution has difficulties, they should appeal to the Banking Supervision division which will try to find an amicable solution.”

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