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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

Important information on the loan repayment moratorium

Please be informed that the Government of Hungary will extend the moratorium on loans until 30 June 2022 on a means-tested basis. Based on the Government’s decision, a uniform interest rate (11.99%) has been set for the portion of credit card and overdraft facility agreements subject to the moratorium. The decision requires Banks to recalculate the debt accumulated during the moratorium at this interest rate and to settle accounts with customers where necessary (if there is a difference). The Banks are required to prepare the settlement of accounts, to perform the financial settlement where necessary and to inform Customers within 60 days from the date the relevant government decree issued under no. 537/2021. (IX. 15.) took effect. We have informed all of our Customers in writing within the statutory deadline as to the amount settled and any necessary actions on their behalf. Notification took place via the following methods:

•    CIB Bank mobile application: for customers who have a CIB Bank mobile application we uploaded the closing letter to the Contracts menu item of the application.
•    Postal mail: our customers who do not have a CIB Bank mobile application receive the closing letter in hard copy, via postal mail. 

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 June 2022) 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.
5.    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.

Payment obligation:

If you opt in for the moratorium, the number of equal monthly instalments to be repaid after the moratorium period expires or after you opt out of the moratorium, and thus the amount of the instalments, will be determined as follows: 
-    If you opted out of the moratorium before 16 September 2021, interest and charges accrued during the moratorium period will be payable over 12 months in equal interest-free instalments.
-    If you opted out of the moratorium after 16 September 2021, interest and charges accrued during the moratorium period will be payable over 18 months in equal interest-free instalments.
-    In both cases, 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 or 18.

What should I do if my overdraft facility is currently subject to the moratorium, but I would like to opt out?

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: 

o    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.

Configuration can take up to 3 days. Please be advised that once you have opted out of the moratorium, you will not be able to re-enter.

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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