The price hikes vary not only from one bank and credit institution to another and according to the types of services but in some cases, also depend on whether a customer uses the institution's digital platform.

Banks and credit institutions are entitled to raise their fees in line with the average consumer price increase. Given that last year the Consumer Price Index rose by an average of 17.6 percent, according to the Central Statistical Office (KSH), the fees charged by financial institutions can increase by up to this amount this year, reports Economx.

In previous years, financial institutions generally took advantage of the opportunity to raise their prices by the permitted amount. This year, however, we have seen somewhat more restrained fee increases.

- For example, in February, OTP Bank announced that it would increase its digital service fees by 9.9 percent starting in March. Several services remain free at the institution, including the operation and use of bank accounts offered to students. However, the annual fees for bank cards, cash withdrawals, and in-branch transactions have risen by the maximum amount of 17.6 percent.

- At CIB Bank, the fees for daily transactions increased by less than 10 percent in April.

- At K&H, account management fees barely rose by 5 percent, while costs for debit and credit cards increased by 9 percent. In April, fees for cash withdrawals and other transactions rose by 17.6 percent.

- Starting from April, Raiffeisen customers who primarily use digital banking can continue to use most services for free. However, other customers did not fare as well; their fee increases were proportional to the inflation rate.

- At UniCredit Bank, many services remained free, while others increased by 17.6 percent starting from April 1.

MBH Bank and Erste Delayed Their Fee Increases

Starting from May 1, MBH Bank will increase its pricing for both retail and corporate account packages by 17.6 percent. This does not apply to the retail account introduced in April 2022 and the monthly package and account management fees for currently sold corporate account packages.

Erste will implement an average price increase of 13 percent from May, but customers using the bank's digital application, George, can enjoy more favorable rates.

According to information from Gránit Bank, no fee increases are expected this year.

Caution Advised When Using Bank Cards and Making Transfers

Over the past few years, with the rise in electronic payment transactions, the value of fraudulent activities related to electronic financial operations has also increased.

According to the Hungarian National Bank, in the fourth quarter of 2023, the damage caused in the non-card electronic payment transactions, such as transfers and direct debits, approached HUF 5.8 billion, while operations involving bank cards registered more than HUF 2.3 billion in losses.

The number of fraudulent card transactions exceeded 44,200 in a single quarter, while more than 3,700 successful scams were registered in electronic money transfers, CIB Bank highlighted in its statement. Additionally, almost 14,000 attempted frauds occurred, amounting to HUF 4.8 billion in value.