Changing Banks In Hungary Will Become Easier
- 12 Dec 2014 8:00 AM
The codification of an EU directive to make it easier for consumers to switch banks is currently under way at the central bank and the Economy Ministry, MNB head of financial infrastructure Lajos Bartha told Napi Gazdaság. Currently, it takes an average of 30 days to change banks.
The EU directive aims to make fees and services of financial institutions more transparent and to speed up the process of transferring accounts from one bank to another.
If the regulation is passed, consumers will have only to provide a written instruction to their banks from 2016.
The regulation aims to make the switch as smooth as in the mobile-phone sector, with the exception of the portability of account numbers.
Source: Hungary Around the Clock
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