MNB: “Several” banks in violation of free withdrawal law
The National Bank of Hungary (MNB) has found in a probe that several banks have unlawfully passed on the cost of mandatory free cash withdrawals to clients, MNB spokesman István Binder stated on Saturday.
Local news outlet Magyar Nemzet reported the resolutions that show which banks have been fined by the central bank will be published next month. MNB will require that banks pay refunds to affected clients beyond payment of the fines of up to HUF 500 million.
Legislation approved by Parliament in October requires Hungary-based financial institutions to provide clients with two cash withdrawals a month free of charge for up to a combined HUF 150,000.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.