Greek banks promise to ‘freeze’ hikes in transaction fees

1 November 2019
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Banks reportedly reassured the Greek Ministry of Investment and Development Thursday that they would suspend the increases in bank transaction fees scheduled to take effect on November 1.

The “freeze” of the planned November 1 hike comes after pressure from Prime Minister Kyriakos Mitsotakis at a meeting with bankers, which took place a few days earlier at the Maximos Hall.

On Thursday, Minister of Development and Investment Adonis Georgiadis warned banks in Parliament saying: “We are examining very carefully any harmonised practices of the three banks in particular. I am ready to send personal complaints. The Competition Commission will impose severe fines if violations are found,” he said.

The Greek PM had recently warned the bankers during a meeting against imposing increases on commissions, and especially at a time when the government was trying to increase the use of plastic money.

A second matter broached by the bankers and the PM was to review ATM charges especially in remote areas where there is only one trading machine.

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