You'll pay $12 for cash. The most popular bank has been introducing increases since 1 August

In fresh months many banks in Poland, including PKO Bank Polski, BNP Paribas and mBank, have decided to introduce fresh higher fees for their services. These changes make quite a few emotions and controversy among customers. This article discusses in item what increases each bank introduces, what their causes are, and what long-term effects may be on customers and the banking sector as a whole.

New Fees at PKO Bank Polski

Increases since 1 August

PKO Bank Polski, as the largest bank in the country, announced fresh fee rates that will enter into force from 1 August. fresh charges mainly concern corporate banking customers and include:

• Increase in monthly fees for current and ancillary accounts.
• Use of iPKO business service and mass payment recognition services (Wirtual Accounts).
• Commission for an increase in the balance at the end of the calendar year.
• Fee for fresh kind of hardware token to authorize orders in iPKO business.
• New kind of envelopes to deposit coins with a weight of up to 4.5 kg, to be collected after the anticipation of ordering these packages has been made available.

Most Controversial Amendment: Cash Payments

However, the most controversy is caused by an increase in the payment fees. PKO BP announced that it increased commission for:

• Unopened cash withdrawals, either after prior notification or without notification.
• Implementation of withdrawal orders in branches or agencies of PKO Bank Polski as part of the Mass Payments service.
• Cash deposits in open form in bank deposits.

Customers have 14 days to terminate the contract from the date of notification of changes. Otherwise, the fresh tariffs will automatically enter into force from 1 August.

BNP Paribas and mBank: another Banks besides rise Fees

BNP Paribas

BNP Paribas already introduced a fresh price list in April. Key changes are:

• Fee for keeping an Open Account for you increased to PLN 2.5. It can be avoided by logging in at least erstwhile to online banking or mobile application.
• A commission for cash withdrawal from ATMs In Poland and abroad, it is now 6%, but at least 10 PLN.
• Payment fee at the facility is 12 PLN, but for the first payment in a given month.

mBank

As of 3 April, mBank introduced the following changes:

• Payment of cash from abroad ATMs and Euronet is 5 zł.
• Even in the case of mBank ATMs (and Planet Cash), with a payment of little than PLN 300, a fee of PLN 2.5 is charged.
• Cashback commission is 2 PLN.

Cash's over?

The changes made by banks coincide with fresh EU regulations. On 24 April 2024, the European Parliament adopted a package of government which includes:

• Total ban on cash regulation of transactions exceeding EUR 10 000.
• Oversight and control of transactions above €3,000.
• Covering private marketing limits.

Impact on client habits

New regulations and increases in fees can drastically affect the habits of bank customers. The rising cash withdrawal costs can lead to more and more people utilizing modern forms of payment, specified as:

• BLISTER
• Apple Pay
• Google Pay
• Traditional payment cards

Digitalisation of the Financial Sector

In the long term, these changes can contribute to further digitisation of the financial sector. An expanding number of customers can start utilizing online and mobile banking, which in turn can reduce the number of banking branches and automate many processes.

The increases in fees introduced by PKO Bank Polski, BNP Paribas and mBank, combined with fresh EU regulations, can importantly affect the way Poles usage banking services. While fresh charges are controversial, they can besides accelerate the process of digitising the financial sector, which will benefit both banks and customers in the long term. In the face of rising costs, customers should carefully analyse their needs and consider utilizing modern forms of payment to minimize additional expenditure.