Huge price hike coming to Hungarian bank accounts

Hungarian banks are implementing significant price increases. Account management, bank transfers, cash withdrawals, debit cards and SMS will also become more expensive. Loans will also be affected.

OTP is expected to significantly increase the fees on its bank accounts already in March. Several financial institutions will follow the market leader in April, Bank360.hu reports.

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According to the Hungarian Central Bank (MNB), the new list of conditions must be published two months in advance. However, many banks have only written in their general terms and conditions that they will increase their fees by the rate of inflation – 14.5 percent this year. Account management, bank transfers, cash withdrawals, credit cards and SMS will all be more expensive, and loans will also be affected, szmo.hu reports.

No sooner had last year’s average inflation figures been published than several banks took action. Last year, the average rate of increase was 14.5 percent. K&H Bank, Oberbank and Magnet increased the rates on their accounts by the same amount.

The MNB stressed that credit institutions may only change their bank account or card charges if they comply with strict legal conditions.

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Source: Bank360.hu, szmo.hu