Filenews 7 November 2022 - by Theano Thiopoulou
At a time when banks are supporting online banking, they are starting to impose higher charges on in-store transactions.
Hellenic Bank had already announced a few days ago its new policy for more off-premises transactions, preventing customers from using the traditional way of transactions, predisposing to changes in pricing costs. Hellenic Bank has published on its website the revised loans that will apply from January 2, 2023 for the information of its customers. It is worth noting that transactions from ATMs and through on-line banking are free of charge and are not subject to charges. It is not excluded that other banks will follow, especially now that the staff in the branches has been reduced and the administrations are betting on online banking for customer service.
Based on the data from the revised Hellenic list compared by the Cyprus Consumers Association, some of the basic charges that change from January 2nd are: individuals should be aware that cash deposits at the cashier will be charged €3 per deposit, depositing a check at the cashier will have a charge of €3 per deposit. Also, based on the existing charges, the cash withdrawal from the cashier is a withdrawal amount of <€10.000: €2.00 (€1.00 for pensioners). For a withdrawal amount ≥€10.000: €5. With the new charges from January for withdrawal amount <€10.000: €3 (€2 for pensioners). For a withdrawal amount ≥€10.000: €6.
Based on the existing charges, a check deposited into a customer's account or credit card and returned unpaid by another bank (depositor's charge) is €2 per check and will change to €3. According to the existing charges for the category opening/ modification of a standing order, the opening is free of charge and the modification is €5. With the new charges coming for the opening/ modification of a standing order: Online Banking: free, Telephone Banking: €5, cashier: €10, modification: €5. For internal transfers (between accounts within Hellenic Bank) with the existing charges at the cashier, between accounts of the same currency accounts of the same customer: €2, accounts of different customers: €5 and Online Banking free of charge. With the new charges of €5 per transaction at checkout. To order a chequebook based on existing charges is Telephone Banking: €30, Web-Banking / ATM €20. With the new charges cashier / Telephone Banking: €40, Web-Banking / ATM: €25. For account maintenance costs for current accounts with an overdraft limit with existing charges are personal & joint accounts: €2,90 per month. With the new charges from January it will be an overdraft limit: ≤ €5,000 per month charge of €4. For the safety deposit boxes the annual rent will be made with the new charges: small size: €100 + VAT, medium size: €150 + VAT, large size: €200 + VAT. The count / deposit with the new charges that will apply will be 1.5%, a minimum charge of €6 and no charge for amounts up to €20.
Reactions from the Cyprus Consumers Association
The reaction of the Cyprus Consumers Association was caused by the decision of Hellenic Bank to increase its charges from 2-1-2023. In yesterday's announcement, the president of the Association, Marios Droussiotis, noted: "My assessment is that other banks will follow with similar adjustments to their charges". The announcement noted that "at the beginning of November 2019, when the same scene was observed again, there were public statements from all political parties expressing their strong opposition. In fact, some statements were so strong that they characterized the decision of the banks to increase the charges of some services related to individuals, as ''social callousness''."
