Charge-free cash withdrawal enacted

Over the past one year, the costs of banking services have increased significantly and in order to decrease them the National Assembly today adopted an amendment which stipulates the free withdrawal of cash.

The amendment on the cutting of financial service fees aims to secure as part of consumer rights the charge-free access to cash withdrawal for up to HUF 150 000 as another measure for easing the financial burden on families.
According to the bill, the first two cash withdrawals from any ATM – with a total amount not exceeding HUF 150 000 — will be charge-free in each calendar month as of 1 February 2014. Those consumers who do not possess a bank card for their account prior to the enactment of the bill will be entitled to withdraw cash at the facilities of the payment service providers free of charge until 31 December 2014.

Those bank clients are entitled to charge-free cash withdrawals who are older than 16 years of age and have a residence in or a residence permit for Hungary provided he/she names the account with regard to which he/she wishes to claim the right to charge-free cash withdrawal.

(Ministry for National Economy)