Free cash withdrawal limit increase at Hungarian ATMs encounters unexpected resistance
The Hungarian Banking Association voiced its “firm opposition” to draft legislation that would raise the amount of cash retail clients may withdraw free of charge from ATMs in a statement on Friday.
The association said the “harm caused to society and the economy” by the bill, that could soon come before lawmakers, “would outweigh the benefit to the state”, MTI wrote.
As long as the 0.9pc transactions duty on cash withdrawals remains in place, the planned measure is “just another way to wrest more from banks”, it added.
The association highlighted the benefits of digital payments and put the cost to society of using cash at HUF 400bn a year.
Since early 2014, banks have been required to offer retail clients two cash withdrawals, free of charge, up to a total of HUF 150,000 per month.
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Abolish banks!
DAILY NEWS HUNGARY states the present cash withdrawal limits but not the limits that would apply after a bill is enacted — in an item about resistance to the bill.
**sigh**