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Banking and FinanceCyprus

Consumers Association warns of increased bank charges

Hellenic Bank has said it will increase its charges from January

The Consumers Association on Monday has issued a statement warning the public about the new increased bank charges expected to be implemented from early 2024.

In the statement, the president of the association Marios Drousiotis pointed out that the Hellenic Bank announced new increased charges from January 2, 2024, saying that other banks would follow suit with similar adjustments.

Drousiotis added that in November 2019, when a similar move was observed, all political parties made public statements strongly opposing the increases.

“Today, once again, at least one banking institution continues to raise charges without seeming to consider the recent significant increases in loan interest rates, the generation of super-profits, and the extremely challenging economic conditions facing a significant portion of the population,” Drousiotis said.

Addressing the finance ministry, he also said that, in reference to the calls made by the Finance Minister Makis Keravnos to banks to restrain interest rates, the same should be done with the state-owned Cyprus Asset Management Company (Kedipes).

“It is unjustifiable to have charges on interest rates up to 10 per cent,” Drousiotis said.

Drousiotis also addressed party leaders, accusing them of not fulfilling their promises.

“Since 2019 when you declared that you would not allow the implementation of new bank charges, it is the umpteenth time that banks are raising or devising new charges,” he said.

“It is also the umpteenth time you promised to take measures. It would be wiser to admit that you cannot help with the issue of banks rather than repeatedly promise people something that is evidently beyond your control.”


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