Decree instructs banks to offer basic payment accounts

Analysis

pixabay

The government has instructed banks to offer basic payment accounts from October 15, transposing the European Unionʼs Payment Accounts Directive (2014/92/EU), according to a government decree published in the official gazette Magyar Közlöny, Hungarian news agency MTI reported today.

Anyone legally residing in Hungary will have the right to open a basic account. Holders of the account will have the opportunity to conduct four bank transfers/group collections per month, to a combined value of HUF 100,000, and to withdraw cash of a maximum of HUF 150,000 per month from an ATM, or a maximum of HUF 50,000 per month at a bank branch. 

The decree sets the maximum monthly fee that banks can charge for managing basic accounts at 1.5% of the minimum wage in effect at the end of the previous year.

ADVERTISEMENT

Wage growth could return next year Analysis

Wage growth could return next year

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.