Greece is taking a bold step toward banking reform by proposing a new law that would ban fees on ATM cash withdrawals — even when the machines are operated by third-party providers, according to reports by Greek Reporter and Ekathimerini.
The move comes in direct response to growing public frustration, especially following the controversial sale of Piraeus Bank’s ATM network, which triggered widespread protests after withdrawal fees were increased.
The proposed legislation was introduced by Greece’s Minister of National Economy and Finance, Kyriakos Pierrakakis. Prime Minister Kyriakos Mitsotakis announced the initiative in a TikTok video, signaling the government’s commitment to protecting citizens from excessive banking charges.
“Last December we established rules to restrict excessive bank fees. But some found a loophole and continued to abusively charge citizens. This stops here. We are tabling a new amendment that permanently closes these loopholes. It voids the commission for every withdrawal you make from an ATM of another bank in the DIAS system, as well as from a third-party service provider who has a shareholder relationship with your bank. At the same time, limits are being imposed on charges by third-party servicers,” the Prime Minister declared.
“Bank services must serve citizens. They must not burden citizens unfairly,” he added.
The amendment aims to eliminate ATM withdrawal fees across the board, regardless of whether the ATM is operated by a bank or a third-party provider.
At the center of the controversy is the deal between Piraeus Bank and Cashflex, a subsidiary of the Printec Group, which involved the sale of 850 ATMs. After the transaction, even long-time Piraeus Bank customers were charged €1.50 for each withdrawal — even at machines that were previously free to use.
For low-income individuals and families who rely on cash for daily living, this added cost has been especially burdensome. In response to the outcry, the Greek government promised swift action — and is now moving to enshrine the fee ban in law.
An independent financial analysis found that a customer withdrawing cash twice a week could lose up to €156 annually in ATM fees alone. When combined with other banking expenses — such as card renewal fees, interbank transaction costs, and service charges — maintaining even a basic checking account can become unaffordable for many households.
This new legislation seeks to ease that growing financial pressure by building a more equitable and transparent banking system — one that truly serves the needs of the people.