NEWS

Gov't posts details on bank transactions, including daily limit and exemptions

Gov't posts details on bank transactions, including daily limit and exemptions

Greek banks will shut down as of Monday, June 29 (today), to Monday, July 6, inclusive, in a series of measures that follow failed talks between Greece and its creditors.

Following a late Sunday Cabinet meeting that ran into Monday morning, the government reiterated that "deposits are fully guaranteed" and said pensions and visitors to the country would be exempted from the provisions.

Details follow, as posted on the Government Gazette:

"The payment of pensions is exempted from the restrictions of bank transactions as published herein. The administrations of credit institutions will announce the way they will be paid out.

Electronic transactions within the country will not be affected. In other words, all transactions using credit or debit cards and other electronic payment methods (web banking, phone banking), will proceed as normal. Prepaid cards can be used to the limit that had been established before June 29.

At the same time, as of midday on June 29 (today), automated teller machines (ATMs) can be used, to a limit of 60 euros per day, per card; this corresponds to 1,800 euros per month. Foreign tourists will be able to withdraw cash as normal through the ATMs, as long as their cards have been issued abroad.

A special Committee of Bank Transaction Approvals has been set up, within the State's General Accounting Office and in cooperation with the Finance ministry, the Bank of Greece, the Hellenic Bank Asscoation and the Hellenic Capital Market Commission. This Committee will deal with requests for urgent and necessary payments that cannot be carried out because of the limit on cash withdrawals or electronic transactions (for example, payments abroad for health reasons).

Wages that are paid electronically to a bank through bank accounts will proceed as normal.

A list of Q & A follows on frequent questions.

WHAT DOES A BANK HOLIDAY MEAN?

It means the banks will shut down for a few days.

WHEN WILL BANKS OPEN AGAIN?

Banks will reopen on Tuesday, July 7.

IS THERE A POSSIBILITY THAT I MAY LOSE PART OR ALL OF MY DEPOSITS?

Deposits are guaranteed. Greek banks are reliable and have recently passed evaluations of the European Central Bank successfully.

AS LONG AS THE HOLIDAY LASTS, WILL ATMs OPERATE?

ATMs will open the latest by midday Monday (June 29), and will remain open during the short duration of the bank holiday.

HOW MUCH MONEY WILL I BE ABLE TO WITHDRAW FROM AN ATM?

The daily limit is 60 euros per card.

IF ONE CARD IS LINKED TO SEVERAL ACCOUNTS, WHAT HAPPENS?

All cards with linked accounts have a 60-euro-per-day limit.

IF A BANK ACCOUNT HAS SEVERAL HOLDERS LISTED, WHAT HAPPENS?

In bank accounts with several owners/holders, the daily limit is 60 euros per holder card. For example, if a bank account has two owners, each of whom has a card, the daily limit is 60 euros per card, or 120 euros for the account.

IF AN ACCOUNT HAS ONE OWNER BUT SEVERAL LINKED ATM CARDS, WHAT HAPPENS?

In that case, the daily limit of 60 euros relates to all the cards together. For example, if a bank account has one owner and two linked cards, the daily limit is 60 euros for both cards.

CAN I WITHDRAW CASH WITH MY CREDIT CARD?

A credit card can be used to withdraw a maximum of the daily limit (60 euros). Added to this transaction will be the interest rate and fee that the card-issuing bank's agreement sets out.

WILL I BE ABLE TO DRAW AN OVERDRAFT FROM A CHECKING ACCOUNT OR A CONSUMER LOAN ACCOUNT?

Overdrafts can be carried out based on the daily limit as long as the contract with the bank allows it.

WILL I BE ABLE TO USE MY CREDIT OR DEBIT CARD FOR PURCHASES?

Credit and debit cards will be usable as normal for purchases within Greece, up to the limit given by the bank contract.

WILL I BE ABLE TO USE MY CREDIT OR DEBIT CARD FOR PURCHASES ON THE INTERNET?

Credit and debit cards will be usable as normal for purchases online at electronic stores that have an account in a Greek bank.

WILL I BE ABLE TO PAY WITH A PREPAID CARD?

Payments with prepaid cards will be carried out, under the limit they had prior to this regulation. Prepaid cards cannot be recharged, nor can new ones be issued.

WILL I BE ABLE TO TRANSFER FUNDS THROUGH INTERNET/WEB BANKING OR PHONE BANKING?

Transfers of funds through the Internet or by phone will be carried out as normal as long as the account to which funds are transferred is in Greece.

CAN I MAKE PAYMENTS THROUGH INTERNET/WEB BANKING OR PHONE BANKING?

Payments through the Internet or by phone will be carried out as normal with no restrictions as long as the account to which the payment is made is in Greece.

WHAT HAPPENS WITH REOCCURRING PAYMENTS (UTILITY BILLS, LOAN, RENTS)?

These will be carried out as normal, as long as they relate to accounts in Greece.

CAN I MAKE INTERBANK PAYMENTS?

Interbank payments are carried out as normal, as long as they are within Greece.

WHAT HAPPENS IF I CAN'T PAY MY BILLS/THE TAX SERVICE/MY LOAN INSTALLMENTS, ETC.?

These payments can be made electronically through web banking, phone banking, or ATMs. In any case, if the payments are not made, there will be no interest/fees levelled.

IF THERE ARE DELAYS IN ARRANGED PAYMENTS IN INSTALLMENTS TO THE STATE OR BANKS, WILL I FORFEIT THE ARRANGEMENT?

These payments can be made electronically through web banking, phone banking, or ATMs. In any case, if payment is not made, there will be no forfeiture of the arrangement.

AM I IN DANGER OF LOSING MY INSURANCE CONTRACT (CAR, HEALTH INSURANCE)?

These payments can be made electronically through web banking, phone banking, or ATMs.

HOW WILL I BE ABLE TO SEND A CHECQUE ABROAD (TO STUDENTS, OR MONEY FOR HEALTH REASONS)?

In this case, you need to address yourself to the Committee of Bank Transaction Approvals, at the State's General Accounting Office.

CAN CREDIT CARDS OF FOREIGN BANKS BE USED AS NORMAL?

Debit and credit cards of foreign banks can be used as normal, as long as they have been issued abroad. Debit and credit cards of foreign banks issued in Greece come under the same rule as those of Greek banks.

WILL PENSIONS BE ISSUED AS NORMAL? WILL I BE ABLE TO GET MY MONEY?

Pensions will be credited to accounts as normal. Withdrawals will be carried out on the basis of the daily limit.

WILL WAGES BE PAID OUT AS NORMAL?

Yes, as long as the employer makes payments electronically."

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