Novo Banco and Caixa Geral de Depósitos are to increase their annual fees for ATM cards, with Portugal’s remaining banks soon to following suit.
The price hike of around 20% has spurred consumer watchdog, Deco, to call for the imposition of a limit.
Caixa Geral and Novo Banco justify the exceptional increase in card fees by pointing out the new capping of fees at 0.2% charged to retailers, a limit which has come into play by order of the European Commission.
The average price of an ATM card is €12 a year and the planned rise of €3 is considered by Deco as being way above inflation and thus, unjustifiable.
Caixa Geral considers that “the €3 increase in annual fees for ATM cards falls within the usual price update process that occurs every year,” adding that the price rise indeed is a result of the limit imposed by the European Commission on the fees it can charge retailers accepting card payments from shoppers.
Caixa Geral, owned by the State, says that youngsters and retirees in certain defined circumstances are still able to apply for a reduction.
National media has pointed out that the year-on-year rise for some banks will be nearer 30% as debit card price increases already were in place in early 2015.
