Huge changes are to come in banking

Arranging private finances are taking a new way, writes azenpenzem.hu. The monocracy of international card companies may cease, the fees would become comparable, while the process of changing banks gets quicker and real fund accounts available. Nonetheless, you will not have to wait for your money, as it will arrive immediately. Also, non-bank players will get active.

Over the past few years it was becoming more and more difficult to understand the workings of bank accounts. New fees were introduced, connecting different services got more complex. However, a new policy of the EU might just as well turn banking into something better, reports the site.

The Director of the Hungarian National Bank (MNB) said that by this policy, within two years, every bank should create its own 20-item list of the most common services which are subject to charges and concern payment accounts. This list will have to be published on websites where comparison is possible. Therefore, people will be able to compare the offerings of different banks easily, by 20 points.

To change banks also becomes easier and quicker, within 12 days the whole process can be gone through and the clients can pay their bills from the new accounts. According to azenpenzem.hu, the new bank will have two days to indicate the client’s intention of changing to the former bank. Then, the former will have to hand over all the data to the new bank within five days. The next five can be spent with notifying the different service providers about the change.

The article mentions that people are not really willing to change banks, because loan holders are rather bounded to their particular bank. Since the 21^st of March, by rules banks can specify that the clients with mortgages should run a payment account at them. This account, however, is only for the money needed to repay the mortgage. But in these cases, banks cannot charge anything for running the account. Certain discounts, although, are only available when the debtor indicates the retail bank account as the one used for repayment.