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PSzÁF cites MKB Bank, fines CIB Bank

The Hungarian financial market regulator PSzÁF said it cited MKB Bank and CIB Bank over customer protection infringements and fined CIB Bank HUF 500,000 (€1,787).

In the case of MKB, a customer made a complaint because the bank twice charged an extra commission of 0.15% on top of the 0.1% commission indicated on the list of terms for foreign currency transfers.

PSzÁF established that a correspondent bank had been involved in the execution of the foreign-currency transfers between two Hungarian banks. The bank's business regulations contain a provision concerning the possibility to include a correspondent bank into the transfers but do not say that the costs of such involvement will be charged to the customer. PSzÁF therefore ordered MKB to clarify this in a manner accessible to customers in the bank's business regulations.

PSzÁF also acted on the basis of a customer complaint in the case of CIB. The customer said that when his fixed-term deposit expired and he requested a transfer of the amount to an account held with another bank, this did not take place and he was not informed of the bank's failure to make the transfer or the reasons for this.

The bank said the transfer order could not be executed because the customer had withdrawn cash from the deposit account in the meantime and therefore the available amount was less than the amount the customer wanted to have transferred. The bank said it tried to inform the customer, but failed. However, the bank statement sent to the customer's address clearly shows that the transaction was not executed.

The fact that CIB Bank credited the one-and-half-month equivalent of the interest the deposit with the other bank would have paid on the costumer's account reduced the fine, PSzÁF said. (MTI-Econews)