Interest rates ignored
EKPOIZO highlighted that the government has left untouched the issue of high profit margins on loans, particularly consumer credit. It noted that banks and loan buyers impose spreads of up to 6% on debt settlements, a sharp increase from the 1-2% margins of previous years. Additionally, banks’ reluctance to lower interest rates in line with falling reference rates—while promptly increasing them during rises—violates EU and Greek case law and leaves consumers paying more than necessary.
Unchecked charges and fees
The group also condemned banks’ practice of levying high charges for basic services. Consumers face excessive fees for obtaining loan information, certificates, or even copies of contracts. In-store interbank transactions, often required by those unfamiliar with electronic banking, come with particularly high costs, described by EKPOIZO as “punitive.”
Credit and debit cardholders are subject to issuance fees and annual subscriptions that lack justification, while deposit accounts incur management fees. Transaction commissions for purchases using cards remain excessive, with no regulation in sight.
Loan fees and government inaction
EKPOIZO also criticised the government and the Bank of Greece for failing to enforce a ministerial decision banning loan fees deemed illegal by Greek courts. These fees, amounting to hundreds of euros per transaction, continue to burden thousands of households and businesses without intervention.
The statement further noted that Greece has not implemented an EU directive allowing states to provide basic banking services free of charge, leaving consumers saddled with significant cumulative costs.
Limited scope of measures
Ultimately, EKPOIZO dismissed the government’s ban on certain charges as addressing only “low-level fees” and leaving numerous abusive practices intact. “The measures announced concern only a small part of the fees that are unjustifiably burdening Greek consumers,” the organisation stated, adding that they fail to address excessive charges in non-electronic transactions or the broader issue of exploitative interest rates.
EKPOIZO concluded by calling for comprehensive reforms to protect consumers from the financial strain imposed by unchecked banking practices.
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