Banking fees skyrocket in Hungary: new government price caps can come

National Economy Minister Márton Nagy said the government wanted to see “fair” banking fees in a video message posted on Facebook on Friday.

Nagy said significant increases in banking fees in February were “not in any way justified”, pointing to a 15pc rise in cash withdrawal fees, a 26pc increase in account fees and a 6pc increase in annual bank card fees.

At talks with the Hungarian Banking Association on voluntary price limits, especially for families and pensioners, lenders’ initial offer was “pretty weak”, he said, adding that the talks would continue.

He suggested banking fees should be reduced to around levels at the end of 2024 or mid-January 2025.

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