The National Bank of Hungary (MNB) announced an agreement with the Hungarian Banking Association to make household banking costs simpler, more transparent and lower through a five-part package covering retail payment account pricing, customer information and account switching. Under the agreement, banks will make basic accounts free of charge until inflation falls below the upper limit of the MNB’s tolerance band of 4% for three consecutive months. Banks will also notify customers who could benefit from a more favourable account package, at the latest alongside their Payment Accounts Directive (PAD) statements. Further elements include a planned customer information campaign on the annual costs of banks’ account packages, use of the MNB’s fee package calculator on banks’ websites to support account selection, and the ability for customers to cancel old accounts online to speed up switching.
National Bank of Hungary 2025-04-08
National Bank of Hungary and Hungarian Banking Association agree five measures to cut and simplify household banking fees
The National Bank of Hungary and the Hungarian Banking Association agreed on a five-part package to simplify, enhance transparency, and reduce household banking costs. Measures include making basic accounts free until inflation is below 4% for three months, notifying customers of better account options, and facilitating online account cancellation. Additional initiatives involve a customer information campaign and using the MNB’s fee package calculator on bank websites.