The new charges from banks and ATM providers are expected to be implemented in August, following the intervention of the Minister of National Economy and Finance, Kyriakos Pierrakakis, who is bringing a new amendment to Parliament.
Pierrakakis announced that an amendment will be submitted on Wednesday or Thursday to the bill on the customs code and it will provide for:
- abolition of commissions for bank customers from ATMs of other banks that are members of the DIAS system. That is, the commission of 1.5 – 2.0 euros that depositors have been charged until now, when they make withdrawals from ATMs of any other bank that is a member of DIAS, is completely abolished.
- Zero commission for withdrawals from ATMs of a provider with which the bank has a shareholding connection for the customers of that specific bank. Since the bank in which the citizen maintains his account has a shareholding relationship with an ATM operator, withdrawals at the provider’s ATMs will not be subject to any charges.
- A fee cap of 1.50 euros for any other bank charges at ATMs (e.g. foreign banks not participating in DIAS), or charges from third-party providers.
- A maximum fee cap of 1.50 euros is set. Today, for such transactions, fees can reach or even exceed 5 euros.
- Free withdrawals in areas with only one available ATM, either for banks or providers. In all municipal communities where only one ATM (either bank or provider) operates, cash withdrawals will be made without any commission, regardless of the ownership of the ATM. That is, the regulation already in force for banks is extended to third-party providers.
Free balance inquiries and harmonization of providers with banks’ fees for transfers. Fees for balance inquiries at ATMs, whether owned by banks or providers, are completely abolished.
In addition, ATM providers are subject to the same regulatory framework that applies to banks regarding incoming and outgoing transfers, with a charge cap of 0.50 euros.
