Banks to catalogue client fees in coordinated effort to boost transparency

Economy National

Hungarian banks will provide their clients with a detailed list of service fees they have been charged by the end of January, as part of a coordinated measure that aims to boost transparency and strengthen competition, the spokesman for the National Bank of Hungary’s oversight division said on public television. This year, the banks will supply clients with charges made in the past five months, István Binder said on news channel M1.

From next year, banks will supply their clients with charge information for the full year on an annual basis, he added.

The new practice could boost the number of clients who switch banks each year from around 2,000 at present, Binder said.



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