A new law has come into force in Greece, introducing strict rules for banks and third-party ATM providers to put an end to hidden cash withdrawal fees. Euronews reports this. The reason for adopting the law was a situation where a major bank replaced its machines with ATMs from a third-party provider but remained its shareholder. This led to the bank’s customers being charged a fee of over 2 euros for each transaction, which caused a wave of criticism in parliament and public outcry.
Key Provisions of Greece Cash Withdrawal Fees Law
The new law introduces several important changes:
Abolition of interbank fees: There will now be no fee for cash withdrawals at ATMs within the DIAS interbank system.
Restrictions for third-party providers: Fees for third-party providers are abolished if they have an equity link with the client’s bank. Furthermore, in municipalities where only one ATM operates, no fee will be charged.
Unified limit: The maximum fee for cash withdrawals at third-party ATMs nationwide can now not exceed 1.50 euros.
Free balance inquiry: Any cardholder can check their balance for free at any ATM, regardless of the bank or provider.
Fixed transfer fee: A one-time fee of 0.50 euros has been set for money transfers via third-party providers’ digital channels.
Ultimately, the new law establishes that no bank can charge its customers for cash withdrawals, which is an important step in protecting consumer rights.