The government is giving people a run for their money to see the ATM reliefs before the August 15 holiday. The new provision announced yesterday (21/7) by Kyriakos Pierrakakis will give banks and other providers up to 15 days – at most – from the publication of the law in the Government Gazette to make all technical adjustments and zero charges for withdrawals at ATMs.

In the “good scenario”, if the bill is passed Thursday, July 24 – as planned – and published in the Official Gazette the following day (the 25th) the measure will be universally applicable by Monday, August 11.

In practice, however, a number of circumstances and parliamentary or bureaucratic procedures threaten to delay the enactment and implementation of the measure until after August 15!

However, the Minister of Economy and Finance remains ready to “move heaven and earth” if necessary again – as he already did last weekend – to get everything ready before the summer holidays. And in a last resort, the provision when tabled may provide for a shorter margin for technical adjustment of systems – ten days or perhaps just a week – so that the reduction in charges does not start in the late summer.

How the charges came out… “trimmed”

In the first instance, the government showed quick reflexes. Kyriakos Pierrakakis moved swiftly, sought solutions and held consultations with the Prime Minister, the Governor of the Bank of Greece and the European Central Bank as soon as the issue of the new “patents” with which the Greek banks tried, in effect, to circumvent the law that forced them to reduce charges at automatic teller machines (ATMs) came up.

Apart from the social reaction – and the political intervention it provoked – this practice of the banks has finally had a positive effect for millions of savers: the new regulations will be more favourable and more drastic than those in force, because the government took decisions in “dead time” and with extreme secrecy over the weekend, leaving no room for “bargaining” at the credit institutions.

What will change

Under the new rules, the Pierrakakis amendment will incorporate significant relief for citizens, even if the ATM they use is not owned by banks but by third-party providers.

Based on what the Minister of National Economy and Finance, Kyriakos Pierrakaki,s announced yesterday in Parliament, when the new system will be launched.

1. every withdrawal will be completely free of charge, even if depositors use ATMs of another Greek bank! The commission (1.50-2.00 euros) that is currently charged for every withdrawal when it is made from an ATM of a bank other than the one of which they are customers will be completely abolished.

From now on, there will be no charge for ATMs belonging to a Greek bank. It will be enough if they are members of the DIAS. And the DIAS Payment System includes, as members, all credit institutions as well as payment and e-money institutions operating in Greece. So, based on this announcement, only… foreign depositors will be charged.