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Huge changes are to come in banking

Huge changes are to come in banking

Arranging private finances are taking a new way, writes 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, 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 21st 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.

Furthermore, it is mentioned that every fifth person uses only cash and does not have a bank account in Hungary. They might be encouraged to open an account if it were free of charge, suggests the article.  However, it informs that MNB would encourage the use of accounts which are subject to charge. Also, it will become compulsory for the banks to guarantee basic payment accounts for every single Hungarian citizen and citizens of other EU countries residing in Hungary.

MNB is to prepare a proposal concerning prompt payments within a month. Then, the proposal will be consulted and so will the deadline, too, when it should become issued. Moreover, since the 7th of September, 2015 when transferring money, the sum arrived at the account at the next bank opening, but by the promised changes in transferring money the crediting would happen within a matter of seconds.

Besides, even more changing is promised, as MNB aims to provide more and more alternatives to pay in cash. The way of paying by cards will also become different. By the expectations of the EU, the rule of international card companies, such as Visa, MasterCard and Amex, would come to an end. Thus, all payments by card in the country would be accounted in the country, which is going to be the task of the payment system Giro. Then, traders could get the consideration of card payments within 1-2 hours instead of 1-2 days, and the dividend would also be smaller.

Copy editor: bm


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