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12th November, 2019

Banks freeze 500,000 accounts

Banks have frozen the accounts of half a million clients, after the deadline for identification of account holders expired on October 31, the Bank Association announced on Monday.

Of the 500,000 clients affected, only 20,000 are banking actively, association president Levente Kovács highlighted.

Identifying clients as required by law is an essential element of preparations for the spread of digital banking.

About 80% of the frozen accounts are inactive. Tens of thousands of affected clients otherwise make one or two transactions a year and the rest of the 20,000 account holders simply ignored information sent by their banks, Kovács added.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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