On 12.10.2017 an amendment of the Austrian Consumer Payment Account Act (VZKG) was approved by the National Council. The amendment concerns cash withdrawals at ATM’s. In the future, banks must also pay the fees for cash withdrawals of their customers at independent third-party ATM providers. This means that banks won’t have control over the amount and frequency of withdrawals by their customers and therefore also won’t be able to control the charged fees by such third-parties (contract at the expense of third parties). Considering constitutional rights the amendment is highly questionable.
27. October 2017