Within days, retail customers will receive important letters from banks

Portfolio recently wrote a detailed article on the subject:

Pursuant to an EU directive and a domestic government decree, retail customers with a bank current account will receive a detailed, individual statement of charges for the costs deducted in connection with their account until 31 January 2021, and annually thereafter. The free statement is sent by post or electronically, depending on how the customer has agreed with their credit institution. If more than one bank account is held, only the account holder will receive the information.

The few-page, easily transparent fee statement has a uniform format. This is the first time that a full (2020) annual statement of fees will be available, as last year (due to the date of entry into force of the legislation) credit institutions could only aggregate a statement of costs for 5 months. The Magyar Nemzeti Bank (MNB) is currently checking the number of customers who received information in accordance with the law for this period last year at several credit institutions.

The bank notification presents the fees paid for account management and summarizes the aggregate charges of various payments (eg transfers, direct debits), bank card transactions, overdrafts (if any) and other services in separate lines. It lists how many transactions the customer made, how much of their unit fee was, or if there were free transactions (e.g., the twice-free cash withdrawal option), how many transactions they actually had to pay for. The statement indicates how much interest income the customer has achieved and how much the interest expense on his overdraft has kicked.

Banks have introduced uniform names and definitions for account services and operations (not only in this statement, but also in the fee lists available on their website and in their customer service premises).

The fee statement allows customers to better compare the costs of their own account services with other credit institutions. The MNB helps with this bank account selection program also, which presents the costs of all domestic, HUF-based bank accounts and also calculates the average monthly fee if the customer provides some of his own data. The central bank comparative application of tariffs and presents the specific non-discounted fees for each bank’s account.

If someone is not satisfied with their current costs based on the calculation, they can switch to another bank account package that is more favorable for them at their existing bank. If, on the other hand, you require a bank account from another credit institution, the transition may be helped by the fact that it is possible by law simplified bank change within a maximum of 13 working days. In this case, you only have to entrust the new bank, and instead he will arrange for the transfer of your previous orders and incoming recurring transfers from your old credit institution. Although “one-stop” bank switching has been possible for years, according to statistics, few people still switch bank accounts in this way.

In addition to the introduction of the immediate payment system and the promotion of digitalisation and parcel-priced bank accounts, the MNB is planning further steps to establish competitively priced, transparent bank accounts for consumers.

Cover image: Getty Images

Source: Portfolio.hu – Bank by www.portfolio.hu.

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