Government steps may also be taken to restrict banking and telecommunications

Bank account fees: price increases twice in one quarter

Minister of National Economy Márton Nagy recently warned banks on his social media page and in a Facebook video that the increase in account management fees, cash withdrawal costs and other bank fees is not justified, and therefore, if necessary, government intervention may also take place.

According to data from the Central Statistical Office (KSH), in February, financial services fees increased by 13 percent on an annual basis, within which the cash withdrawal fee increased by 15 percent and the cost of current account management by 26 percent.

Banks are entitled to adjust their fees in line with the previous year’s inflation rate every spring, but this year, following the increase in the transaction fee, this means a double increase in prices for many customers. Several large banks – including OTP, UniCredit, CIB, K&H and MagNet Bank – have already announced the new fees, which will come into effect in March-April. For MBH Bank customers, the turning point could be April 30 or May 1, depending on the account package.

The government says this is already too much

The ministry confirmed to 24.hu that they have requested voluntary price restrictions from banks, proposing preferential account packages for pensioners and families in particular. Since the offers so far cannot be considered sufficient, negotiations will continue – but the government does not rule out official intervention either.

“If necessary, we will act here too!” Minister Márton Nagy firmly announced.