The submission of an amendment to Parliament that brings significant relief for citizens regarding banking charges and ATM providers was announced today, Monday, by the Minister of National Economy and Finance, Kyriakos Pierrakakis. It should be noted that the amendment will be included in the draft law for the National Customs Code under consideration and will be put to a vote in the plenary session next Thursday, July 24.
Kyriakos Pierrakakis: The five changes to banking charges and commissions
The five basic changes being introduced are as follows:
- Elimination of commissions for bank customers using ATMs of other banks that are DIAS members
The commission (€1.50–€2.00) that has been charged to depositors when making withdrawals from ATMs not only of their own bank, but also from ATMs of any other bank that is a DIAS member, is completely eliminated.
- No commission for withdrawals from provider ATMs with which the bank has a shareholding connection for customers of that specific bank.
If the bank where a citizen maintains their account has a shareholding connection with an ATM provider (ATM operator), withdrawals from the provider’s ATMs will not be subject to any charges.
- Commission cap of €1.50 for any other bank charges at ATMs (e.g., foreign banks not participating in DIAS), or third-party provider charges.
A maximum commission limit of €1.50 is set. Currently, for such transactions, charges can reach or even exceed €5.
- Free withdrawals in areas with only one available ATM for both banks and providers
In all municipal communities where only one ATM operates (either bank-owned or provider-owned), cash withdrawals will be carried out without any commission, regardless of ATM ownership. This extends the already existing regulation for banks to third-party providers.
- Free balance inquiries and harmonization of providers with bank charges for transfers
Charges for balance inquiries at ATMs are completely eliminated, whether they belong to banks or providers. Additionally, ATM providers are integrated into the same regulatory framework that applies to banks regarding incoming and outgoing transfers, with a charge cap of €0.50.
As Kyriakos Pierrakakis characteristically noted, for the first time, zero charges for withdrawals from the bank where a citizen maintains their account are also legally established, ensuring institutional protection for the future. This package of measures aims to enhance transparency, reduce the cost of basic banking services, and restore balance in citizens’ access to cash and simple banking transactions.
