The Greek Minister of National Economy and Finance, Kyriakos Pierrakakis, announced a new set of regulations aimed at strictly limiting ATM fees across the country, according to Greek state broadcaster ERT.

Under the proposed measures, cash withdrawals from ATMs belonging to the same bank or any other bank connected to the DIAS system will be completely free of charge. For bank transfers, fees will be capped at 50 euro cents for transactions up to 5,000 euros.

Withdrawals from ATMs operated by providers outside the DIAS network, including foreign banks, will face a maximum fee of 1.5 euros. Pierakakis emphasized that financial services should serve the public rather than exploit them, stating the government’s intention to swiftly impose limits, establish clear rules, and rebalance the relationship between the market and society.

The amendments, expected to take effect in August, also ensure that cash withdrawals remain free even when the ATM is owned by a related company through shareholder ties to the bank. Additionally, withdrawals at ATMs located in areas with no alternatives will not incur fees, and customers will not be charged for checking their account balances.

This regulation package follows a proposal by the New Left parliamentary party, which criticized providers for imposing excessive and unjustified fees on essential services like cash withdrawals, account inquiries, and PIN code changes. The problem intensified after some banks sold their ATM networks to third-party companies, leading to customers being charged twice - once by the bank and again by the ATM operator.

One notable example cited involved a major Greek bank selling 850 ATMs to another firm, after which clients were billed 60 euro cents by the bank plus 1.5 euros by the service provider for each withdrawal or balance check, a practice the new rules aim to end.