Latest news with #cashwithdrawal
Yahoo
11-08-2025
- Business
- Yahoo
Greek ban on ATM charges and limits on other banking fees comes into force today
On Monday morning a new regulation from the Greek Ministry of Finance came into force, completely banning charges for cash withdrawals from ATMs of Greek banks. Until now, any customer who withdrew cash from an ATM of a bank that wasn't their own provider, was charged extra. At the same time, a national limit of €1.50 was introduced for withdrawals from third-party ATMs, such as those machines located in various tourist areas and not belonging to a particular bank. What does Greece's new ATM law include? The news regulation provides the following for ATM users in Greece: Zero fees for cash withdrawals between all banks participating in the DIAS interbank system. Abolition of charges from third-party providers when there is a direct or indirect shareholding link with the customer's bank. Zero charges also from third-party providers in municipalities where only one ATM operates. €1.50 maximum charge limit for withdrawals from third-party ATMs throughout the country. Free balance enquiry for all cardholders, regardless of bank or ATM provider. One-off charge of €0.50 for sending remittances via digital channels (web, mobile, internet banking) from third-party providers, on par with bank charges. Legislative enshrinement that no bank can charge its customers for cash withdrawals. Related Mega crypto exchange Binance partners with Spain's BBVA in a bid to restore investor confidence Which nations have the highest and lowest minimum wages across Europe? What led to this decision It all started a few weeks ago when a mainstream bank in Greece replaced hundreds of its ATMs with similar machines from a third-party provider, in which it remained a shareholder. Customers of that bank found that when they withdrew cash they were being charged a fee of more than €2. The issue reached the Greek Parliament, with the opposition strongly criticising the government over the issue and the Finance Ministry responding that it would not allow banks to introduce such charges. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-07-2025
- Business
- Yahoo
'Outrageous' cash controversy reignites as Aussie bank ups fee to deposit or withdraw by 200 per cent: 'Ridiculous'
St George Bank has responded to backlash over increasing fees for business customers who want to withdraw or deposit cash. Staff-assisted transactions at St George branches currently set these customers back $1 every time. However, this will be increased by 200 per cent to $3 at the beginning of September. A spokesperson for the bank told Yahoo Finance this change will bring it in line with the fee structure at Westpac, which owns St George. "The changes will provide consistency across Westpac and St George so that all business customers are treated the same," the spokesperson said. RELATED NAB's 'clear' $55 million message after controversial branch closures Australia's 'ancient enemy' returns sparking major Centrelink warning Age Pension warning for 4.3 million Aussies facing superannuation nightmare "Our fees remain competitive in market, and online transactions will be free. We also have a number of fee-free options available for customers." The bank stressed that the changes to these fees will not be applied to everyday customers. The fee-free options include withdrawing up to $1,000 in cash each day from select ATMs, depositing up to $10,000 per day per account, depositing 40 cheques at a time, and $0 monthly fee transaction George customers rage over fee change St George business customer Joe told 2GB Radio the fee hike was "outrageous" and revealed the bank isn't stopping just at staff-assisted transactions. The number of monthly fee-free transactions for business customers will be slashed from 30 per month to just five. The fee to deposit and clear cheques is going up from 50 cents to $3, a 500 per cent increase. Fellow customer Gus told Ben Fordham he was fuming when he received a letter explaining the change. "It's just ridiculous. It's basically showing no loyalty to customers. I've been with them since day one," he said. "It doesn't matter which bank you go to, that's what they're doing. It's actually theft, you know, it's the only way I see it." Surprise move after huge backlash against CBA Commonwealth Bank tried to up its fees for the same type of transactions late last year for everyday customers, and it went down like a lead balloon. The public backlash was so severe that Australia's biggest bank eventually walked back on the idea and said it would consult with stakeholders to find a better way forward. Then-assistant treasurer Stephen Jones said the fee was "a kick in the guts for ordinary Australians and the worst Christmas present imaginable", adding that it was a "terrible" idea to hike the cost of withdrawing or depositing cash. Before the U-turn on the fee increase was announced, CBA's Group Executive Retail Banking Services, Angus Sullivan, said it was a necessary evil amid the change in the way people bank. "The reality is, there's also a cost associated with providing this service and Australians who don't use the service, don't want to pay for the service," he told A Current Affair. Yahoo Finance contributor Stephen Koukoulas said the issue highlighted how Aussies don't understand how the banking system worked. "It is expensive to have branches and post offices with plenty of available cash for customers," he said. "The transport costs paid by the banks to get cash distributed to all of their branches and post offices for the decreasing number of people who still use that service has increased. "It also costs the banks a considerable amount to hold the cash safely and to have it ready for customers when they go to the counter and ask a teller to give them the cash when they make a withdrawal." Australian banking in the midst of significant transformation The Australian Banking Association (ABA) recently admitted the sector is experiencing the biggest transformation in the country's history. With cash transactions only making up a small portion of payments these days, compared to card and mobile wallet, banks are being forced to pivot in how they operate and what they offer. "In 2007 about 70 per cent of everything we paid for we used real cash," ABA boss Anna Bligh told 2GB. "These days it's about 10 per cent and the Reserve Bank estimates that's going to be 4 per cent in by about 2030 so that has massive implications for what our branches are doing. "If people aren't coming in anymore to withdraw or deposit cash, then that really changes what a branch is and what it might look like in the future." Some banks have decided to shut down branches across the country, which has led to huge backlash, while others, like NAB, are investing more into their regional branch network. Branches in some areas have also been upgraded to be "regional service centres" that still provide face-to-face assistance, but they might not carry any in to access your portfolio
Yahoo
16-07-2025
- Business
- Yahoo
MercadoLibre (MELI) Teams with Oxxo to Expand Financial Access Across Mexico
MercadoLibre, Inc. (NASDAQ:MELI) is one of the Best Non-Mega Cap NASDAQ Stocks to Buy Right Now. Oxxo, Mexico's largest convenience store chain, has announced a new partnership with MercadoLibre, Inc. (NASDAQ:MELI)'s fintech platform Mercado Pago that will allow users of the digital wallet to withdraw cash directly from any of Oxxo's more than 22,000 stores across the country. The service, now available, offers a practical solution for customers who prefer or require physical cash, especially in areas where ATM access is limited or traditional banking infrastructure is scarce. A customer using their phone to access an online commerce platform. The agreement marks a significant step toward expanding financial access for millions of Mexicans. Oxxo's widespread presence gives Mercado Pago users a convenient and secure way to access their funds without relying on bank branches. The integration is designed to be seamless, with transactions processed through Oxxo's existing point-of-sale systems. Executives from both companies emphasized the broader impact of the collaboration. For Oxxo, the move aligns with its strategy to become a one-stop hub for essential financial services, complementing existing offerings such as bill payments and remittances. For Mercado Pago, the deal strengthens user engagement by adding tangible value to its digital ecosystem. The initiative comes as part of a broader trend in Latin America, where fintech firms are increasingly partnering with retail networks to bridge gaps in financial inclusion. Analysts say the partnership is likely to drive foot traffic to Oxxo stores while enhancing Mercado Pago's competitive position in the region's fast-evolving digital payments landscape. While we acknowledge the potential of MELI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: Top 10 Healthcare AI Stocks to Buy According to Hedge Funds and 10 Consumer Defensive Stocks to Buy Now. Disclosure: None. This article is originally published at Insider Monkey.
Zawya
15-07-2025
- Business
- Zawya
Egypt: CBE returns bank withdrawal cap to $5065
The Central Bank of Egypt (CBE) issued an official letter to state-based lenders that the maximum daily cash withdrawal limit from branches has returned to its normal level of EGP 250,000, for both individuals and companies, effective on July 15th. The temporary decision is a part of exceptional measures due to the effects of the Ramses Central fire, which affected the operational systems of some banks. Accordingly, the CBE decided to return to its usual policies to control cash liquidity in the market after telecommunications and internet services resumed operations. On July 8th, the CBE raised the daily limit for cash withdrawals in local currency to EGP 500,000 amid network disruptions. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
09-07-2025
- Business
- Zawya
Egypt: CBE temporarily raises bank withdrawal cap to $10,076 amid network disruptions
Arab Finance: The Central Bank of Egypt (CBE) has temporarily raised the daily limit for cash withdrawals in local currency from bank branches to EGP 500,000 for both individuals and corporates, as per a statement. The move doubles the previous cap of EGP 250,000 and comes as a temporary measure until communications services are fully restored, following a fire that broke out at the Ramses telecoms data center. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
