Raiffeisen Hungary fined over conversion fees – regulator

2012. szeptember 21. 12:45
Gergely Szakacs
Hungarian regulators said on Thursday they had ordered the local unit of Austria's Raiffeisen bank to repay 289.5 million forints to customers who had been illegally charged currency conversion fees.

"The bank, which was not immediately available for comment, was also fined 80 million forints, financial markets regulator PSZAF added.

The bank violated a customer protection provision in Hungary's banking code by charging a conversion fee worth up to 1 percent of monthly instalments plus handling fees on foreign currency mortgages, PSZAF said in a statement.

The regulator added Raiffeisen's Hungarian arm had misinterpreted the legislation when applying the fees and ordered it to make the repayments to 26,277 clients. ($1 = 217.08 Hungarian forints)."

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