Greece Cracks Down on Bank Fees with New Legislation
Revised law tabled in parliament mandates free ATM withdrawals, sets fee caps, and promotes digital banking amid growing public backlash
The Greek Finance Ministry has introduced sweeping changes to bank transaction policies that will eliminate charges for cash withdrawals from ATMs starting August 11, in a move aimed at protecting consumers and promoting digital banking services.
The proposed legislation was submitted to the Greek Parliament on Wednesday, with a vote scheduled for Thursday.
According to the Finance Ministry, the amended law includes the following key provisions:
– zero charges for ATM withdrawals from bank-operated ATM networks
– no transaction fees in municipalities where only one ATM is available, regardless of whether it is operated by a bank or a third-party provider
– a maximum fee of €1.50 for withdrawals made from third-party ATMs
– free balance inquiries across all platforms
– a €0.50 cap on transfer fees, including those made via third-party providers.
The changes come after intense public criticism, particularly following Piraeus Bank’s decision to outsource its ATMs to a private operator—a move widely viewed as an attempt to bypass regulations limiting banking fees.
Greece Moves Towards Cardless Transactions
Finance Minister Kyriakos Pierrakakis announced the new rules earlier this week, emphasizing that the government was committed to protecting consumers and enhancing transparency in banking services.
Meanwhile, recent data from the Bank of Greece shows a steady increase in digital banking activity. The total number of card transactions last year increased by 14%, reaching 2,511 million with the total value from card transactions reaching 112 billion euros up from 102 billion euros in 2023 (+9%).
At the same time, as part of Greece’s broader digital transformation strategy, banks are gradually phasing out the use of physical cards for ATM withdrawals. Many banking institutions are upgrading their ATM networks to support cardless, digital transactions, aligning with the government’s modernization efforts.
Source: tovima.com
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