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Overdraft and credit card during the moratorium

On this page, you can find the most important information about how overdraft and credit card products are affected by the repayment moratorium.

Customers with an overdraft facility

Overdraft facilities are also subject to the moratorium, but only up to the credit amount drawn down by midnight on 18 March 2020.
Accordingly, the loan repayment moratorium does not cover:

  1. credit lines not drawn down by midnight on 18 March
  2. credit lines drawn down after midnight on 18 March

How does the moratorium work in the case of overdraft facilities?

If there was no amount drawn down on your credit line on 18 March 2020, you can continue to use your overdraft facility as before.

If there was an amount drawn down on your credit line on 18 March 2020, there are several things you should know:

  1. The amount drawn down before midnight on 18 March 2020 (which is subject to the moratorium) has been transferred to a separate, limited-purpose account, and any interest accrued on the amount transferred is also recorded in that account. The interest rate corresponds to the interest rate on the overdraft facility.
  2. If any amount is credited to your retail current account, it will not automatically reduce your debt covered by the moratorium. However, you can choose to transfer the amount concerned to the limited-purpose account to which your debt subject to the moratorium had been transferred. This will allow you to reduce or eliminate your debt; any amount thus repaid will be added to your available credit line. 
  3. The balance on the segregated account, less any prepayments, will be added back to your credit line after the expiry of the moratorium (i.e. on 30 September 2021) or after you opt out of the moratorium.
  4. You will be notified of the account number and current balance of your limited-purpose account each month, in the same way as you receive your monthly statement, so that you can keep track of your debt.

Payment obligation:

If you opt in for the moratorium, the number of equal monthly instalments to be repaid after the moratorium period expires, and thus the amount of the instalments, will be determined as follows: 

  • Interest and charges accrued during the moratorium period will be payable over 12 months in equal interest-free instalments. The first instalment shall be due on 4 November 2021 and the last instalment on 4 October 2022 (or, in case you opt out of the moratorium earlier, on the 4th day of the month following the date when the bank processed your opt-out statement).
  • The amount of monthly instalments will be determined by dividing the interest and charges accrued during the moratorium period by the number of instalments, i.e. by 12.
  • The portion of the credit line not subject to moratorium (i.e. the portion of the credit line that was not drawn by midnight on 18 March 2020) will continue to be available to you.

What should customers with a retail overdraft facility do?

Situation

What to do

Your overdraft facility is currently not subject to the moratorium and you do not want to opt in for the moratorium.

You have nothing to do, but until 30 September 2021 you can state at any time that you want to opt in for the moratorium as described below.

Your overdraft facility is currently not subject to the moratorium, but you want to opt in for the moratorium.

Our customers who have CIB Internet Bank, CIB Bank Online or CIB Bank Mobile Application can make a declaration about opting in to the moratorium:

  • Declare online! (Unfortunately, this page does not work in Internet Explorer, so please use Google Chrome, Edge or Firefox.)

If you do not have an electronic channel, you can make a declaration via our CIB24 call center at (+36 1) 4 242 242 according to the guidelines provided by our colleagues.

The setting will be made within 3 working days, but you can indicate at any time later that you wish to exit.

Please note that you are allowed to opt back in the moratorium only for the portion of your credit line that has not yet been repaid or reused by you. So, if you have already repaid your debt in full and then you used your credit line again between the date when you opted out of the moratorium and the planned opt-back date, you will not be able to opt back in the moratorium because you intend to subject to moratorium a debt that was not incurred before 19 March 2020.

Your overdraft facility was covered by the moratorium on 31 December 2020 and you wish to continue to be subject to the moratorium.

You have nothing to do; we automatically extended the moratorium until 30 September 2021. If you later decide that you want to opt out of the moratorium, you can make a statement to this end at any time as follows.

Your overdraft facility is currently subject to the moratorium, but you would like to opt out of the moratorium.

If you have access to CIB Internet Bank, CIB Bank Online or CIB Bank Mobile Application, you can state online that you wish to repay your debt:

  • Declare online! (The web page does not work with Internet Explorer, unfortunately. Please use Google Chrome, Edge or Firefox.)

If you do not have an electronic channel, you can make a declaration via our CIB24 customer service call centre calling (+36 1) 4 242 242 by following the operator’s instructions.

As a result of this statement, the original credit line will be restored, which you will be able to use as before. However, you will also be required to repay the interest accrued on the limited-purpose account during the moratorium period on a time proportion basis.

Partial or full prepayment of debt

  • You also have the possibility to prepay the whole or a part of your debt the repayment of which was postponed due to the moratorium. Prepayments can be made by cash deposit over the counter at a branch or by wire transfer within the bank or from another bank.
  • In this case, bank charges and interest accrued during the moratorium will be automatically deducted from the amount prepaid, and your credit line will be increased with the remaining amount, i.e. you will be able to use that portion of your credit line again.

Your overdraft facility is currently subject to the moratorium, you want to continue to be subject to it and you made a statement to this effect in some form before 23 December 2020.

You have nothing more to do. Your statement was taken into account, without an eligibility check, and we set an extension of the moratorium until 30 September 2021.

If you later decide that you want to opt out of the moratorium, you can make a statement to this end at any time as described above.

 

Should I opt out of the moratorium or prepay, in whole or in part, the amount drawn down from my overdraft facility and subject to the moratorium?

Where your financial situation permits and you are in a position to do so, you should avail of the abovementioned opt-out options for the following reasons:

  • Interest continuously accrues on the portion of the overdraft facility subject to the moratorium, so by the end of the moratorium period (i.e. by 30 September 2021) a high amount of interest may accrue, which will have to be paid in equal monthly instalments after the expiry of the moratorium. 
  • By opting out or paying your debt in full, your previous credit line will be restored and you will be able to use it as before. With partial prepayment of your debt, it will be restored to the extent of the amount prepaid.

Guide to interpreting closing letters

We send an information letter to all our customers about closing the first period of the moratorium (Moratorium 1: 19 March 2020 - 31 December 2020). We are also required to send the letter to customers who are currently under the moratorium, but it is important that the letter only concerns Moratorium 1. We would like to help you interpret the information in the closing letter with the following guide: 

Which customers receive a closing letter?

  • All our customers who have spent even just one day under Moratorium 1 with their overdraft facility will receive a closing letter. 
  • Our customers who choose to remain under the moratorium from 1 January 2021 will also receive a closing letter on Moratorium 1. This is because the two periods of the moratorium are subject to two different statutory regulations and we are also obliged to inform our customers currently under Moratorium 2 of the status of their credit transaction resulting from Moratorium 1. 
    • In this case, it is important to note that the payment obligations specified in the closing letter will not take effect as long as our customers’ credit agreement is subject to Moratorium 2. 

In what form will the closing letter be sent?

  • CIB Bank mobile application: for our customers who have the CIB Bank mobile application, we have uploaded the closing letter to the Contracts menu item of the application.
  • Postal letter: our customers who do not have the CIB Bank Mobile Application will receive the closing letter on paper, by post. 

What information can you find in the letter? 

  • Date of entering the moratorium: by default, 19 March 2020 is shown here, but if you have opted out and opted in Moratorium 1, the last entry date will be indicated. 
  • Date of opting-out of the moratorium: if you remained under Moratorium 1 throughout, this date will be 31 December 2020, and if you have opted out and opted in the moratorium, the last date of withdrawal will be indicated.

In addition, you will see a table, which shows how the contractual data changed when you opted out of the Moratorium 1 or when it expired. Thus, these are historical data, they were in effect at the time of the opt-out, but no later than 31 December 2020. 

And what do the data in the tables mean? 

Amount of interest and fee debt accumulated during Moratorium 1:

The total amount of unpaid interest and fees accrued during Moratorium 1, which you must pay in 12 equal monthly instalments based on the amount of the next cell.

Monthly instalment of interest and fee debt accumulated during Moratorium 1:

Monthly amount of unpaid interest and fees accrued during Moratorium 1.

If you opted out Moratorium 1 before any unpaid interest and fee debt was incurred, this cell will contain HUF 0.

Due date of first repayment:

If you opted out before the expiration of Moratorium 1 (31 December 2020), the first due date following the date of withdrawal will be indicated.

If you remained under Moratorium 1 throughout: the first due date after 31 December 2020 is shown here.

In both cases, the instalment must be paid by the 4th day of the current month.

If you have already settled the entire debt, there is no figure shown in this cell.

Due date of last repayment:

This is the 4th day of the 11th month following the first due date (or, if it is not a banking day, the following working day).

If you have already settled the entire debt, there is no figure shown in this cell.

Legal information

Act LVII of 2020 on transitional rules and epidemiological preparedness related to the termination of the state of emergency, Act CVII of 2020 on transitional measures implemented to stabilise the situation of certain priority social groups and enterprises in financial difficulties and Government Decree No 637/2020. (XII. 22.) on the introduction of special rules on loan repayment moratorium in relation to the state of emergency.  

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