Following the public backlash caused by Piraeus Bank’s decision to outsource its ATMs to a private firm to circumvent legal provisions that restricted bank transaction fees, Finance Minister Kyriakos Pierrakakis announced on Monday new rules to eliminate most bank charges and cap ATM charges.
The government is expected to table a legislative amendment in the coming days to enforce the changes, which Pierrakakis described as “a political intervention with a strong social dimension.”
Some of the key measures in response to the practice by Piraeus Bank, as outlined by Pierrakakis before the parliamentary committee on economic affairs, include
- Zero bank fees for customers—All bank customers will face no charges for transactions within their own banks, a policy that will be formally legislated.
- No interbank charges via DIAS—fees of up to €1.50 currently charged between banks through the DIAS payment system will be scrapped.
- National cap on other fees—A maximum fee of €1.50 will apply to all other charges, including fees by third-party ATM operators and transactions between Greek and foreign banks.
- Third-party ATM operators treated as banks—Customers using ATMs operated by third-party providers will be charged the same as if they were using their bank’s own ATMs, meaning zero fees in most cases.
- Remote or single-ATM areas—In municipal areas where only one ATM operates, third-party providers will also be required to offer zero-fee withdrawals.
- Free balance inquiries—Customers will not be charged for checking their account balance, even at third-party ATMs.
- Transfers capped at €0.50—The existing €0.50 charge for bank transfers will also apply to transactions made via third-party providers.
Pierrakakis condemned the practice of selling ATMs to third-party operators who then imposed extra fees on bank customers, calling it “unacceptable” to both Prime Minister Kyriakos Mitsotakis and the finance ministry.
“This is a clear political decision in favor of society,” he said.
