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Central Bank to regulate bank commissions

July 21, 2009. 14:01

The Mexican Central Bank has decided to rein in bank commissions to protect costumers. The banking regulator decided to eliminate certain bank accounts commissions from August 21, 2009.

The new regulations are as follows:

-When a bank account does not keep its minimum requested balance, only one commission will be charged: a managing commission or a non balance commission. It is not possible to charge both commissions during the same period.

-When an account holder receives a deposit by a bank cheque which eventually is rejected by the means of insufficient funds or any other reason, no commission will be charged to the receiver of the deposit.

-When a bank gives a loan to an individual and establishes as a condition to open a bank account at the same bank, no commissions will be charged for: opening the account, managing the account, and for not keeping a minimum balance.

-No commissions will be charged when an individual exceeds the balance of a debit card.

-No commissions will be charged when making the cancelation of a bank account, a debit card or a credit card, the termination of the electronic banking services, and the elimination of the instruction for automatic services payments by a bank account.

-When making funds transfers, the banks must apply a single commission which will not be related to the amount of the transfer.

DoingBusinessInMexico Staff
Published: July 21, 2009. 14:01 | Last updated: July 21, 2009. 14:01
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