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Report: OTP to suspend dollar check payments by June 15

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jessica fejos

Hungarian OTP Bank will temporarily suspend the exchange of American dollar checks into cash in response to one of its partners quitting the related agreement, and will maintain the suspension until it partners with another American bank on the matter, according to reports published yesterday. The bank has advised holders to use bank transfers in the interim.

The service is expected to be suspended as of June 15, with the suspension being introduced following related regulations, which means that the lender will exchange checks into cash in some cases. 

The decision is not intended to be permanent, as the lender is seeking to enter into an accounting agreement with an American bank. As a temporary solution the bank suggests clients use bank transfers instead, according to reports.

Hungarian daily Világgazdaság noted that many banks operating in Hungary have decided of late to suspend the practice due to changing American regulations making such practices unprofitable for many banks in the United States.

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