Freeze on bank charges in Hungary finalised: OTP Bank is the first to reduce retail charges
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The National Bank of Hungary (NBH) and the Hungarian Banking Association have reached an agreement that will make banking costs simpler, more transparent and cheaper, Mihály Varga, the central bank governor, said in a statement on Tuesday.
After a meeting with association leaders, the sides agreed that lenders would waive fees on no-frills retail accounts until headline CPI remained under 4pc — the upper threshold of the central bank’s tolerance band — for three consecutive months. Banks also agreed to inform their clients of cheaper account packages that could better suit them, undertake a customer information campaign detailing and comparing account costs, use the central bank’s account package calculator on their websites to help clients select the best account for their needs, and allow clients to close old accounts online, NBH said.
OTP takes steps to bring down retail banking fees
As we wrote last November, OTP Bank shocked customers with fee increases, details HERE.
I am not a fan of OTP. I have noticed OTP has recently lowered the daily cash draw amount from OTP cash machines from 100 thousand Forints per day to 75 thousand Forints per day. These daily limits reductions are outrageous. If a customer has the funds they should be allowed to take out what they want subject to their own banks daily limits. Thankfully some of their competitors do allow much higher daily limits. MAY I REMIND OTP it is not your money it is the card holders. IF you do not wish to allow cash machine users to withdraw what they want OTP should be banned from operating cash dispensers.