Privatized ATM fees trigger financial exclusion for thousands, warns MP Baran
In a formal parliamentary question addressed to the Minister of National Economy and Finance, Kyriakos Pierrakakis, Baran criticized the recent transfer of 850 ATMs from Piraeus Bank to Cashflex, a company in which the bank still holds a 20% stake. These ATMs, now operating as an independent network, impose additional withdrawal charges even on Piraeus customers—fees that previously did not apply.
For a single cash withdrawal, users are now being charged a total of €2.10, broken down into €1.50 by Cashflex and €0.60 by Piraeus Bank. The charges, Baran argued, disproportionately impact vulnerable groups—including the elderly, residents of remote areas, and small businesses—who often rely on such machines due to limited access to physical bank branches.
Baran has called on the government to:
- Regulate fees imposed by private ATM operators under the same framework that governs banks;
- Investigate whether the ATM transfer constitutes an indirect circumvention of fee regulations through corporate ownership;
- Ensure equitable access to essential banking services across the country.
“These practices raise serious concerns about transparency, fair competition, and the right to basic financial services,” said Baran.
The issue adds to the broader debate over the privatization of financial infrastructure and its implications for social and economic inclusion in Greece.
