PM Calls Banks to a Government Meeting on Cash Transactions

Prime Minister Marcel Ciolacu criticized some banks on Facebook after they announced their intention to increase fees for cash transactions. “The greed of the banks cannot be fueled by the debate over cash! It is intolerable to artificially raise banking fees!” Ciolacu stated, as he called for a meeting at the government.

“The greed of the banks cannot be fueled by the cash debate! It is intolerable to artificially increase banking fees!

Next week, I will convene a meeting at the Government with experts from the Ministry of Finance and the National Bank, as well as representatives of small business owners, banks, and civil society, to make a decision on the subject of cash transactions.

I will never give up the fight against tax evasion. And I will not give up on protecting Romanians from the greed of those who want to make money at any cost!,” reads the PM’s post.

The Prime Minister’s reaction comes after several banks have already informed their customers that they plan to raise fees for cash withdrawals and deposits at tellers, as well as for inter and intra-bank payments (those made at the teller window). “We inform you that as of January 1, 2024, the fees will be modified for cash deposit transactions at tellers and for other operations,” reads a message from one of the banks.

This measure is a consequence of the implementation of the law limiting the use of cash in the economy, a controversial decision adopted by the Ciolacu government.

The measure affects the owners of small shops in rural areas where most transactions are conducted in cash, and shopkeepers are required to take their money to the bank in the evenings. They will now pay more for the bank to deposit their money into their accounts, which will increase their costs.