First class scandal by one of the four systemic banks in Greece: Cash withdrawals from hundreds of ATMs of Piraeus Bank, which were previously free of charge, are now charged more than two euros per transaction. The reason is the sale of 850 ATMs belonging to the bank but are not are not attached to a bank branch but are installed in other points such as supermarkets, hospitals, metro stations and other facilities.
The scandal is even bigger as Piraeus Bank has acquired 20% of the private firm Cashflex that is now running the ATM service.
An outrage broke out forcing the government to declare that is it willing to intervene. On Friday, the government spokesman announced a legislative regulation “if two-tiered fees are detected, the government will intervene.”
This is a business decision that essentially significantly increases the number of what we call private ATMs, that is, machines that no longer bear the logo of one of the four systemic banks, and their total number after this specific transfer to 3200 throughout the country, state broadcaster ERT noted.
The main issue is that these will be subject to charges that can start from 1.5 euros for a single withdrawal and can reach up to 4.95 €, mainly in tourist and remote areas.
It is worth noting that Piraeus Bank has decided to transfer to a private company – in which the bank itself holds a minority stake – a package of approximately 850 machines, i.e. 40% of the machines that the bank in question had in its possession.
It is noted that these are locations such as inside the metro, in hospitals, in areas outside Athens and are mainly machines that are not located in bank branches.
The main change, however, is that cardholders of this bank who until now did not pay the commission either for balance inquiries or for withdrawing money will now be charged, like everyone else, with the charge which can reach from €1.5 to €2.10.
The issue is of concern to the government. In fact, there was a statement yesterday from the government spokesman, who announced legislative regulation.
ERT recalled that since January 2025, a provision has been passed into Greek legislation that provides, especially in remote areas where consumers do not have access to their own banks’ ATMs, that it is mandatory to provide the ability to withdraw money free of charge from any ATM.
It should be also recalled that banks in Greece had gone out of control with charging fixed fees and – quite high ones – for any transaction including even a double fee charge by both banks for the transfer of money from one bank to another, fees for e-banking for payment of utility bills etc. In January 2025, the government intervened and the fees were reduced significantly.
However, the banks did not abandon their greedy goals and started to charge 0,80 euro per month for running a personal account, higher charges for the issue of card etc.
And now Piraeus Bank goes a step further to rip off its customers.
Reactions
The usually suspicious Greeks with posts on social media, believe that the said bank is just the front-runner and depending on the government reaction the other banks will follow its example.
Socialist PASOK accused the government of allowing banks to bypass fee regulations, while left-wing SYRIZA described the situation as “a major scam.”
What Piraeus Bank says
In an announcement on Saturday, Piraeus Bank claimed that the sale of the ATMs to Cashflex was necessary as the bank has borne the “excessive cost” for so many years because more than ten banking entities in Greece have passed through its network.
At the same time and following the reactions, it declared that it will reduce its own fee by 10 cents, which will go from €0.60 to €0.50, while at the same time it feels the need to declare that the 1.5 euros charged by Cashflex is… the lowest on the market.
POLL
Loading ...PS Piraeus Bank has gladly forgotten that 1) it was recapitalized a couple of times since the financial crisis of 2010 not only with the money of its customers but with all Greek taxpayers and 2) Cashflex has not the lowest fee on the market, because it compares not comparable things: other banks charge withdrawal fee when the card holder use the ATM of a different bank.
Piraeus Bank has gone from being a good bsnk 20 years ago to what is now a corporate scam, trying to bleed its customers while reducing its actual services for them. It is almost impossible to get them to deal with customers’ problems and needs, the interest paid on deposit accounts is a joke (thanks again, ECB) and important transactions are frequently blocked by their stupid AI technology. And, of course, like all banks and most governments they want to abolish cash.
Governments need to be forced by their voters to deal with these money-grubbing banks and provide cheap, reliable high street banking. Mitsotakis needs to pay more attention to the problems in Greece, make some effort to protect the Greek population, and forget about his puppet masters abroad.
You’re wrong reg the ECB. It is solely on the Greek banks that they never complied with the ECD interest rates in the last couple of years, it raised the rates.
I’m not advocating for the banks, but it must be hugely expensive to move cash to these at times remote cash machines, I mean imagine the cost of refilling a machine like in Kastelorizo or Chalki etc etc. I guess this is why they are selling the network to companies that will have to charge the actual cost of providing the service and then some.
All Banks and the government want us to be more cashless anyway, and more traceable. Another reason for this as well
I pity the Pir Bank and the Cashflex personal traveling by boat to remote islands. Certainly a first throughout the globe.they could use drones for the transport, though.
Piraeus Bank has been closing branches in remote areas. My nearest branch is now a mountain range away from where I live. The ATM is still where the bank branch was (which is now a shop). So, it seems that not only am I inconvenienced by no longer having a local branch but I will have to pay to get my hands on my cash as well.
Please stop givingn these bandits ideas like subscription charges for e-banking! If i had a Piraeus account I would close it in protest. When UK banks tried this they found all the customere switched banks so they dropped the idea. Unfortunately the greek banks run a cartel and you can guarantee the other banks will follow BUT then I don’t need a greek bank account. they won’t lend me money or give me a credit card. tHE ONLY THING i GET IS FREE ATM USE so bye bye greek banks. I can pay one of the fintechs like revolut or wise for ATM and still save on the pirates fees
I haven’t used an ATM since 2019. For most everyday shopping I use my bank card and only use cash in places like tavernas. I have several friends who are not very confident with online banking so I pay all their bills using my online bank account. They then give me the cash, effectively becoming ATMs that deliver the money to me.