Greek consumers pay more than 100 million euros in commissions to banks each month

Greek consumers are forced to pay more than 100 million euros per month in commissions and fees to banks for banking services. An analysis of financial results released by the four systemic banks in the first half of 2019 (National Bank, Piraeus Bank, Eurobank and Alpha Bank) showed that banks charged their clients with commissions and fees worth around 700 million euros. The figures showed that banks raised these charges by up to 10 pct in some cases.

The Greek government is trying to put a break on these bank practices with Prime Minister Kyriakos Mitsotakis, in a meeting with the heads of the four systemic banks held last Thursday, urging them to revoke these increases. These increases helped to significantly improve Greek banks’ financial results in the first half of the year. The PM stressed to Greek bankers that these increases were unjustified and urged them to return to the previous regime.

Alpha Bank recorded the biggest revenue from commissions from services offered to clients, but Eurobank raised commissions revenue by 13 pct.