Decree instructs banks to offer basic payment accounts

Analysis

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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.

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