Banks to review charging policy

Prime Minister Kyriakos Mitsotakis obtained the pledge of the country's banks to review their policy on charges such as credit card fees, cash machine usage, PIN issue and online banking at a meeting on Thursday with their chief executive officers.

Mitsotakis told the bank chiefs that the hikes announced are particularly negative: "These increases are not justified, especially when implemented in an improved economic environment. We have to stick to the previous framework," he reportedly said, asking that charges associated with online transactions be revoked as the government is trying to reduce the use of cash.

Although lenders do not follow a common policy on charges and there are differences in the pricing of various transactions, it is certain that competition between them will force them to reduce or eliminate the commission charges imposed recently.