Banks shift to monthly fees
Greek banks are now promoting fixed monthly charges instead of ad hoc fees per transaction, under the burden of fines from the Competition Commission, the backlash from their customers and pressure from the government.
Banks are adopting a model used by credit institutions in Europe whereby, depending on the package chosen, a certain number of transactions can be made during the month for a monthly fee.
The packages now also include transactions that until now were provided for free, such as transferring money via the IRIS service, participating in reward programs using a debit card or receiving notifications via text message for purchases at stores.
The model foresees a minimum fee starting from 60 cents and reaching up to 10 euros per month depending on the bank, the use of the account and the number of transactions carried out by the account holders, and marks a change of policy in the area of bundled payments services, as is the case with cellphone packages.
First up is Eurobank, which informed its customers in a letter about the conversion of their accounts into payment accounts.
