Hungary implements new regulations to cap skyrocketing banking fees
National Economy Minister Márton Nagy Calls for Fair Banking Fees
In a recent video message posted on Facebook, National Economy Minister Márton Nagy expressed the government’s desire to see “fair” banking fees for consumers. Nagy addressed the significant increases in banking fees that occurred in February, stating that they were not justified. He highlighted a 15% rise in cash withdrawal fees, a 26% increase in account fees, and a 6% hike in annual bank card fees.
During talks with the Hungarian Banking Association regarding voluntary price limits, especially for families and pensioners, Nagy mentioned that lenders’ initial offer was deemed “pretty weak”. However, he assured that discussions would continue in order to reach a satisfactory resolution.
Nagy suggested that banking fees should be reduced to levels seen at the end of 2024 or in mid-January 2025. The government is striving to ensure that consumers are not burdened by unnecessarily high fees imposed by financial institutions.
As negotiations progress, it remains to be seen how banks will respond to the call for fairer banking fees. Stay tuned for further updates on this important issue.
