Banks: The reduced supplies start on January 21

On 21 January, the reduction in the number of transactions takes place, while supplies of ECA payments, such as a current account, insurance contributions, insurance contracts, water etc, are abolished, according to an ertnews report. As the spokesman for the Ministry of Finance, Homer Chapalos, said, by the relevant law passed shortly before the 2024 expires, citizens will have paid 150m euros less each year for banking supplies. Regarding the banks he noted that for 2025 they will give another 200m euros, not in the form of a reduction in supplies, but through their contribution. CORVERSE It is recalled that from 21 January for amounts of up to EUR 5,000 per transfer, up to 50 minutes of commission will apply to sending money and, respectively, up to 50 minutes to receiving money, which is now EUR 2.5. Additional zero commissions will be available for cash withdrawal in areas with only one ATM, as well as for another bank’s remaining ATM. While 50% decreases commissions and transactions with POS, for charging prepaid cards up to 100 euros, but also the limit of daily transactions via IRIS. In fact, Mr. Chapalos pointed out that “after the announcements and decisions of the government there was a bank which voluntarily rushed and abolished all other supplies or limited them significantly, without the law, but because he wants to compete more strongly with the rest of the players in the banking sector,” stressing that “with the government’s initiatives in addition to restricting an important exit of the citizen, the reflexes of competition in the banking sector, especially the part of the supplies, were also activated.” CORVERSE At the same time, the Finance Ministry spokesperson urged citizens to do market research, on which banks offer more favourable supplies to choose the most suitable for his pocket. It is noted that in less than a month, all the supplies requested by the banks will be posted to the Bank of Greece. Asked about Mr. Hatzidakis’ announcement of loans and by non-banking institutions, Mr. Tsapalos noted that the same law gives the possibility for all types of bank credits from non-banking institutions, while stressing that this measure aims to increase competition and contribute to the reduction of interest rates.