UPDATE - PSzÁF files civil suit against CIB for limiting liability for bank cards

Analysis

Hungarian financial market regulator PSzÁF on Monday said it filed a civil suit against CIB Bank for limiting its liability for retail bank cards.

CIB Bank set its maximum liability for client damages resulting from stolen bank cards at the bank's basic retail daily limit. Clients with higher daily limits were not covered for damages exceeding the basic daily limit.

PSzÁF said the practice is unlawful.

CIB Bank told MTI it had not been officially informed of the suit.

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