Piraeus Bank Transfers 850 ATMs to Cashflex, Introduces New Withdrawal Fees

Piraeus Bank, serving approximately 6 million deposit customers—about 60% of Greece’s population—has decided to transfer 850 of its ATMs located in pharmacies, supermarkets, and shopping centers to Cashflex, while retaining a 20% stake in the company.

These 850 ATMs will now charge a €2.10 fee per cash withdrawal, with €0.60 going to Piraeus Bank and €1.50 to Cashflex. Customers who check their account balance at these ATMs will face an additional €1.50 fee.

This move has sparked controversy, as it shifts the cost of a private agreement onto customers without their consent, violating principles of good faith and fair contract law. Critics argue the practice is abusive and illegal.

Despite government promises to curb excessive bank fees, the New Democracy administration has been accused of turning a blind eye. The Bank of Greece has reportedly called for transparency and restraint in transaction costs, yet banks, led by Piraeus, are passing operational expenses to third-party providers and ultimately charging citizens.

The new €2.10 withdrawal fee has been labeled a “hidden tax,” with critics urging that the unchecked power of banks must end—at the ballot box.

Source: pagenews.gr

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