However, not all banks extort their customers with an increase in line with inflation.
Starting between March and May, financial institutions raised or will raise their fees, according to the compilation of EconomX. Since last year’s general inflation was 17.6 percent according to the KSH report, the ceiling is that much. However, the picture is very mixed, with everything from zero to a fee increase that does not affect everything to a ceiling.
- Already in the second month of the year, OTP Bank announced that it would raise the fee for digital services by 9.9 percent from March, the annual fee for bank cards, cash withdrawals and branch transactions increased by 17.6 percent. Several services remained free at the financial institution, including the operation and use of the bank account offered to students.
- At CIB Bank, less than half of the customers are affected by the increase in bank account maintenance fees in April, and the fees related to daily transactions increased by less than 10 percent.
- At K&H, account management fees rose by around 5 percent, and the costs of debit and credit cards increased by 9 percent this year. Fees for cash withdrawals and other transactions mostly rose by 17.6 percent in the bank since April.
- At Raiffeisen, they also raised fees from April, but customers who primarily bank digitally will continue to be able to use the majority of services free of charge, in other cases the fee increase was proportional to inflation.
- UniCredit Bank also retained many free services, but as of April 1, the fees included in the announcement increased by 17.6 percent in line with inflation for other services.
- From the first of May, MBH Bank will see a price increase equal to inflation (17.6 percent) for residential and corporate account packages. An exception is the monthly package and account management fees for the residential account introduced in April 2022, as well as the currently sold corporate account packages.
- Erste did not apply an inflation increase to users of the George application for digital customers, but other residential customers may experience an average price increase of 13 percent from next month.
In the article, it was specifically mentioned that the fees for Gránit Bank’s most popular account packages have not changed for more than 10 years and, according to the financial institution’s information, no increase is expected this year either.
According to the central bank’s previous summary, it is an average residential customer HUF 34,800 spends at your bank, which is more than 9 million customers annually HUF 330 billion means income for the financial institutions operating in our country.
And how will this year’s inflation be affected by the price increase of service providers following inflation?
