Opinion of the European Central Bank of 19 May 2026 on the reduction of certain charges and fees for withdrawals of cash and other ATM transactions (CON/2026/17)
OPINION OF THE EUROPEAN CENTRAL BANK of 19 May 2026 on the reduction of certain charges and fees for withdrawals of cash and other ATM transactions (CON/2026/17) Introduction and legal basis
On 25 July 2025 the Greek Parliament adopted Law 5222/2025 on a new National Customs Code, tax and pensions-related provisions (hereinafter the ‘Law’). The Law includes provisions reducing certain charges and fees that may be imposed for withdrawals of cash and other automated teller machine (ATM) transactions (hereinafter the ‘amendments’). The European Central Bank (ECB) has not been consulted by the Greek authorities on the amendments. The ECB has decided to deliver an own initiative opinion on the amendments. The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the Functioning of the European Union and Article 2(1), second indent, of Council Decision 98/415/EC , as the amendments relate to means of payment. In accordance with Article 17.5, first sentence, of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.
1. Purpose of the amendments
1.1 The amendments concern Article 48 of Law 5167/2024 on the restructuring of the railway sector, the enhancement of regulatory bodies for transportation and other provisions (hereinafter the ‘original provisions’), which, inter alia, (1) eliminated or reduced charges and fees imposed by payment service providers ( PSPs) − as defined in Article 1(2) and Article 4 of Law 4537/2018 implementing Directive 2015/2366/EU on payment services in the internal market − for a wide range of day-to-day payment transactions conducted by natural persons, entrepreneurs, sole proprietorships and freelancers, and (2) introduced the withdrawal of cash free of charges and fees through an ATM operated by a credit institution other than the one at which the account is maintained, in municipal units where there is an ATM of only one credit institution. 1.2 The amendments change the original provisions in three respects. 1.3 First, the amendments expand the scope of legal entities which are required to abolish or reduce charges and fees they currently impose. The new scope is extended to include, besides PSPs that
1 Ν. 5222/2025 «Εθνικός Τελωνειακός Κώδικας και άλλες διατάξεις - συνταξιοδοτικές διατάξεις», ΦΕΚ Α 134/28.7.2025.
2 Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42, ELI: http://data.europa.eu/eli/dec/1998/415/oj).
3 Ν. 5167/2024 «Αναδιάρθρωση σιδηροδρομικού τομέα και ενίσχυση ρυθμιστικών φορέων μεταφορών και άλλες διατάξεις», ΦΕΚ Α 207/20.12.2024.
4 Ν. 4537/2018 «Eνσωμάτωση στην ελληνική νομοθεσία της Οδηγίας 2015/2366/ΕΕ για τις υπηρεσίες πληρωμών και άλλες διατάξεις», ΦΕΚ Α' 84/15.5.2018. have a registered office or branch in Greece and are supervised by the Bank of Greece, (1) all companies and legal entities which operate an ATM but do not qualify as a PSP (hereinafter ‘other ATM operators’), and (2) credit institutions operating in Greece that are not supervised by the Bank of Greece . 1.4 Second, the amendments expand the scope of transactions which are free of charges and fees. The expanded scope now also includes (1) the withdrawal of cash free of charges and fees through an ATM operated by a PSP where the withdrawal is carried out with the use of a credit or debit card issued by that PSP or by another PSP (thereby prohibiting the imposition of any charges and fees for withdrawals of cash from any ATM operated by a credit institution which is a member of the company DIAS INTERBANKING SYSTEMS S.A), and (2) the withdrawal of cash free of charges and fees through an ATM operated by other ATM operators, where the withdrawal is carried out with the use of a credit or debit card issued by a PSP which participates (directly or indirectly) in the management or capital of the other ATM operator concerned. In addition, the amendments change the original provisions to provide that the withdrawal of cash free of charges and fees through an ATM in municipal communities in which there is only one ATM is extended to apply also to cases where the single ATM is operated by other ATM operators, and not only where the ATM is operated by a credit institution other than the one at which the account is maintained. This prohibition also applies to withdrawals in municipalities which are not subdivided into municipal communities, but only into municipal units. 1.5 Third, the amendments introduce a new cap of EUR 1,50 per transaction on charges and fees imposed by other ATM operators for withdrawals of cash from an ATM with the use of a credit or debit card issued by a PSP, in cases other than those which are completely free of charges and fees pursuant to the amendments . 1.6 The amendments entered into force on 11 August 2025.
2. Duty of Greek authorities to consult ECB
2.1 The ECB adopted an own initiative opinion on the original provisions . 2.2 The ECB was not consulted on either the original provisions or the amendments. The ECB reminds the Greek authorities of their obligation to consult the ECB on draft national legislation falling within the ECB’s fields of competence.
3. Free of charge withdrawals of cash at ATMs
3.1 The explanatory memorandum accompanying the Law states that the legislative intention behind the amendments was to close the regulatory gap left open by the original provisions and to regulate charges imposed by other ATM operators – namely companies or legal entities operating ATMs, which do not fall under the definition of a PSP – or by credit institutions operating in Greece that are
5 See explanatory memorandum to the Law.
6 This cap is in addition to the already applicable reduced charges in respect of credit transfers of up to EUR 5 000 per day by natural persons, entrepreneurs and freelancers under the original provisions.
7 Opinion CON/2025/8. All ECB opinions are published on EUR-Lex. not supervised by the Bank of Greece. The amendments were therefore meant to ensure the equal access of all citizens to basic banking services offered at ATMs and to ensure equal treatment between PSPs and other ATM operators. 3.2 The ECB welcomes the amendments, as they help preserve the effectiveness of the legal tender status of euro banknotes. The ECB considers it important that all Member States take appropriate measures to ensure that credit institutions and branches, as well as other ATM operators, operating within their territories provide adequate access to cash services . This is crucial to facilitate the continued use of cash . Sufficient and effective access to cash is necessary to preserve the effectiveness of the legal tender status of cash. If citizens do not have easy access to cash, they will not be able to use it as a means of payment and store of value . The imposition of a prohibition and limitations under the amendments on PSPs and other ATM operators charging for ATM cash withdrawals is an effective measure to help ensure sufficient and effective access to cash throughout Greece. It helps ensure that all citizens may withdraw cash at ATMs free of charge or without being subject to excessive fees, in a convenient manner. 3.3 The ECB invites the Greek authorities to consider whether the coverage and distribution of ATMs by PSPs and other ATM operators should be regulated, given that the new and broader scope of the limitation on withdrawal charges and fees has the potential to adversely affect the maintenance of certain less frequently used ATMs, and therefore might result in the reduction of their number in the longer term (noting, however, that no decrease in the number of ATMs has so far been observed in Greece since the amendments came into force). The ECB has welcomed the establishment by other Member States of certain criteria related to access to cash aimed at ensuring a minimum availability of ATMs and/or cash service points that credit institutions must maintain in the respective Member State . ATM access for citizens and coverage of the ATM networks should be assessed by using quantitative indicators, for example by taking into account the distance and population density as well as banks’ or post offices’ additional cash service points at their branches . 3.4 In this context, it is recalled that on 28 June 2023 the Commission published a proposal for a Regulation of the European Parliament and of the Council on the legal tender of euro banknotes and coins (hereinafter ‘the proposed regulation on the legal tender of euro cash’), which includes an obligation for Member States to ensure sufficient and effective access to cash throughout their
8 See paragraph 2.4 of Opinion CON/2024/34 and paragraph 3.2 of Opinion CON/2025/8.
9 See 2.2 of Opinion CON/2020/21, paragraph 3.3 of Opinion CON/2022/40, paragraph 2.2 of Opinion CON/2023/25, paragraph 1.2 of Opinion CON/2023/31 of the European Central Bank of 13 October 2023 on a proposal for a regulation on the legal tender of euro banknotes and coins (OJ C, C/2023/1355, 1.12.2023, ELI: http://data.europa.eu/eli/C/2023/1355/oj), paragraph 2.3 of Opinion CON/2024/3, paragraph 2.3 of Opinion CON/2024/8, paragraph 2.3 of Opinion CON/2024/19, paragraph 2.2 of Opinion CON/2024/26, paragraph 2.1 of Opinion CON/2024/34, paragraph 3.2 of Opinion CON/2025/8, paragraph 2.5 of Opinion CON/2025/14 and paragraph 3.1 of Opinion CON/2025/17. See also Principle 6 of ELTEG III in the Final report of the Euro Legal Tender Expert Group (ELTEG) of 6 July 2022, available on the Commission’s website at www.ec.europa.eu.
10 See paragraph 2.2 of Opinion CON/2023/25, paragraph 1.2 of Opinion CON/2023/31, paragraph 2.2 of Opinion CON/2024/3, paragraphs 2.3 and 2.7 of Opinion CON/2024/19, paragraph 2.1 of Opinion CON/2024/26, paragraph 3.2 of Opinion CON/2025/8, paragraph 2.6 of Opinion CON/2025/14 and paragraph 3.1 of Opinion CON/2025/17. See also Principle 6 of ELTEG III in the Final report of the Euro Legal Tender Expert Group (ELTEG) of 6 July 2022.
11 See, for example, paragraphs 1.3, 1.4 and 2.1 of Opinion CON/2024/34 and paragraphs 1.2, 1.3 and 2.2 of Opinion CON/2025/22.
12 See Principle 8 of ELTEG III in the Final report of the Euro Legal Tender Expert Group (ELTEG) of 6 July 2022.
13 COM(2023) 364 final. territory. The proposed regulation on the legal tender of euro cash provides that, following its adoption, the Commission will adopt implementing acts on a set of common indicators of general application in the euro area, which would allow Member States to effectively monitor and assess the acceptance of payments in cash and access to cash throughout their territory, in all their different regions, including urban and non-urban areas. It is envisaged that the ECB will be consulted by the Commission on the preparation of such implementing acts . Following adoption by the Commission of the implementing acts on the common indicators, Member States would need to monitor the level of access to cash throughout their territories based on the common indicators. If in the light of their assessment access to cash is deemed insufficient and/or ineffective, Member States would be obliged to take remedial measures. In this context, national legislation concerning access to cash would need to be reviewed and, if necessary, adjusted accordingly. This opinion will be published on EUR-Lex. Done at Frankfurt am Main, 19 May 2026. [signed] The President of the ECB Christine LAGARDE