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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.

Information for customers with an overdraft facility

The moratorium on loan repayment is applicable to overdraft facilities as well, but only to the amounts borrowed before 18 March 2020 midnight.
The credit holiday does not apply to:

  • credit not used before 18 March, midnight, and
  • any amounts borrowed after 18 March, midnight.

How the moratorium works in the case of an overdraft facility

If you did not owe any debt under your overdraft facility on 18 March 2020, your overdraft facility continues to function like before.

If you owed any amount of debt under your overdraft facility on 18 March 2020, you need to know the following:

  1. The amount borrowed under the overdraft facility (to which the moratorium applies) before 18 March 2020, midnight is booked to a separate, special-purpose account. Interest on this amount will also be booked to this account. Interest rate will be equal to that applicable to your overdraft facility.
  2. Any amount credited to your private bank account will not automatically reduce the debt covered by the moratorium. You, however, have the option to pay or transfer funds to this special-purpose bank account where the debt covered by the moratorium is held. By doing so, you reduce your debt and we will increase the overdraft facility available to you by the amount paid. 
  3. The balance of the segregated account, minus any prepayment, will be added back to your overdraft facility on 4 January 2021, after the moratorium expires (or at a later date, as appropriate, if the moratorium is extended).
  4. We will inform you of the account number and balance of your special-purpose bank account on a monthly basis, in the same manner as your monthly statements are received, so that you will be able to keep track of your debt.

How will the technical settings for the moratorium be made, and what does it mean for me?

After some preparatory work on the bank’s systems, technical settings were made  on 29 April 2020.

It is important to remember that in order to comply with the Government Decrees1, any debt owed under the overdraft facility at 18 March 2020, midnight, were booked to the special-purpose account, irrespective of any payments made to your bank account in the time since that date (between 19 March 2020 and 29 April 2020) to reduce your debt. 

Any such payment was therefore credited to your bank account, and you will need to instruct the Bank separately to transfer them to the special-purpose account, or submit a statement on waving the moratorium. Scroll down to find information about submitting a statement.

If you avail yourself of the moratorium, the number of equal monthly instalments to be repaid and therefore the amount of those instalments will be determined by the original due date of the overdraft facility as follows:

  • If the original due date of your overdraft facility was before 31 December 2020, it is extended automatically by the power of the Government Decrees1 to the date of expiry of the moratorium (31 December 2020) + 288 days (the length of the moratorium). Example: amounts borrowed under an overdraft facility that originally would have been due on 6 May 2020 or 20 October 2020 would both have a maturity date of 15 October 2021.
  • If the original due date of your overdraft facility was after 31 December 2020, it is extended automatically by the Government Decrees1 by the length of the moratorium, i.e. by adding 288 days to the original due date. Example: a contract with an original due date of 18 February 2021 would have a new due date of 3 December 2021, while a contract with an original due date of 1 April 2021 would have a new due date of 14 January 2022.

The amount of the credit line that is not affected by the moratorium (so the amount that was not used until midnight on 18 March 2020) will still be available for you to use.

If you would not like to be included in the moratorium, you can waive it as follows:

  • Submitting a statement on waving the moratorium:
    • If you have the CIB Bank mobile application or can access CIB Bank Online or CIB Internet Bank, please click here to indicate that you wish to make a payment.
      • If you already submitted a waiver concerning your personal loan, a loan secured by real estate or a leasing arrangement, it will not be displayed on the web page for submitting waivers. It is recorded in our systems, however, and therefore you only need to make a statement about any products that were not included in any of your previous statements.
    • If you do not have the means to contact the bank electronically, you can make your statement via the CIB24 call centre by calling (+36 1) 4 242 242.
    • Your statement will result in the restoration of your original overdraft facility, which you will be able to use as before. Additionally, however, you will also need to pay the pro rata interest accrued on the special-purpose account during the moratorium period. Pro rata interests will be payable at the next date for interest payments, that is, at the end of the month, together with other interests and fees (they will be charged automatically by the Bank, no action is needed on your part). 
  • Partial or full prepayment
    • You have the option to prepay your debt segregated under the moratorium in part or even in full. Prepayment needs to be made by cash payment to the segregated account or by transferring funds from an account with the Bank or elsewhere.
    • The prepayment amount will be automatically reduced by the applicable pro rata fees and interest, and your overdraft facility will be increased by the remaining amount, allowing you to use that portion of your overdraft again. 
  • If you make an opt-out declaration  and/or repay the full amount owed, you choose to be excluded from the moratorium for the overdraft facility. If you decide later, that you want to benefit from the moratorium, you will have the opportunity to make a declaration. We will inform you on the further details later. Thank you for your patience. If you make a partial prepayment, the rules of the moratorium continue to apply to the portion of the debt that was not prepaid, and regarding the partial repayment, you can decide later that you want to benefit from the moratorium. In this case you will have to make an opt-in declaration, but we will inform you on the further details later.
  • Processing the statements may take time, but your statement will certainly be taken into consideration. Until then, thank you for your understanding and patience.

Should I waive the moratorium or make a partial/full prepayment of the overdraft debt covered by the moratorium?

If your financial situation permits and you are in a position to do so, the opt-out options described above are worth considering for the following reasons:

  • You accrue interest on the overdraft debt covered by the moratorium on an ongoing basis. As a result, you may incur high interest obligations by the end of the moratorium period (31 December 2020), which you will need to prepay in equal monthly instalments after the moratorium ends. 
  • By opting out or by repaying your full debt, you restore your overdraft facility to its former amount and will be able to use it as before. By making a partial prepayment, you increase the overdraft available to you by the amount prepaid, and will be able to continue to use it.
Our personal loan is available again

Our personal loan is available again

We inform our clients that our personal loan now complies with the Government Decree and is available again. Click for details!
Our personal loan is available again

Our personal loan is available again

We inform our clients that our personal loan now complies with the Government Decree and is available again. Click for details!

Relevant legal information

1Government Decree no. 47/2020 of 18 March 2020 on the immediate actions necessary to mitigate the effects of the coronavirus pandemic on the national economy, and Government Decree no. 62/2020 of 24 March 2020 on the detailed rules of the payment moratorium imposed by Government Decree no. 47/2020 of 18 March 2020 on the immediate actions necessary to mitigate the effects of the coronavirus pandemic on the national economy.

2In the moratorium period, interest on the segregated principal may accrue at a rate between 29.64% and 34.8%, depending on the type of credit card you have. The relevant interest rates and fees are specified in the Terms and Conditions for CIB Leasing Credit Cards, CIB-Generali Credit Cards, ‘Aranykor’ Credit Cards for Private Individuals and CIB Optimum Credit Cards for Private Individuals, as well as in the Terms and Conditions for CIB Shopping Cards for Resident Private Individuals.

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