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Raiffeisen to compensate customers hurt by unilateral contract changes

Raiffeisen Bank has decided to compensate customers who were subjected to a higher fee when repaying loans ahead of schedule, Hungarian Competition Office (GVH) announced. GVH found out earlier that there were cases when Raiffeisen raised installment payments from HUF 35,000 to HUF 60,000, taking advantage of the possibility to make unilateral contract changes.

GVH stopped the investigation when Raiffeisen said it was willing to cooperate with the office, though compelled the bank to inform GVH about the measures it had taken by October 30, 2009. In the course of GVH's investigation, Raiffeisen agreed to compensate certain customers whose contracts had been subject to unilateral modification after October 17, 2005 as sum of HUF 13,000. (MTI-Econews)