The Ministry of National Economy has implemented innovative measures for zero ATM fees, with Minister Kyriakos Pierrakakis announcing significant relief for citizens. According to a report by Nena Malliara on Apogeumatini, the new legislative initiative aims to eliminate the burdensome commissions imposed by banks and ATM providers on consumers’ daily transactions.
Read: Parliament: Committee passes bill on National Customs Code, pension provisions and other measures
Five key changes for zero ATM fees
Pierrakakis presented the relevant amendment from the parliamentary podium, including five decisive reforms. The first involves the complete elimination of fees for withdrawals from ATMs of different banks participating in DIAS network. Depositors will no longer be burdened with charges of 1.5 to 2 euros that applied until now.
The second innovation ensures zero ATM fees when there is a shareholding connection between bank and provider. This regulation specifically addresses the case of Piraeus Bank and Cashflex ATMs, where customers were charged 1.5 euros plus an additional 0.60 euro commission.
Fee caps and protection in remote areas
The third measure establishes a maximum commission limit of 1.5 euros for all remaining banking transactions at ATMs. This intervention is particularly significant, as some charges reached or exceeded 5 euros, such as Euronet’s 4.95 euro fee.
Simultaneously, according to the fourth measure, residents of municipal communities with only one available ATM will enjoy completely free withdrawals. This regulation extends the protection that already applied to bank ATMs to third-party providers.
Free services and fee harmonization
The fifth change completely eliminates charges for balance inquiries at all ATMs. Additionally, ATM providers are subject to the same regulatory framework as banks for money transfers, with a charging cap of 0.5 euros.
According to estimates, the cost for banks from the new measures is calculated at 20 to 25 million euros. The impact will be significantly greater for third-party providers such as Cashflex, Euronet and Cashzone.
Previous relief measures
The new measures for zero ATM fees complement the government’s previous interventions. These include establishing zero charges for payments to the Public Sector through digital channels, reducing transfer fees by up to 80%, eliminating balance inquiry charges, and reducing fees by 50% for small purchases up to 20 euros.
Pierrakakis emphasized that banks now have the opportunity to strengthen citizens’ trust by adopting more competitive and consumer-friendly charges.
