Circular 16/2009 — Modifies Circular 2019/95

CIRCULAR 16/2009 Mexico, D.F., June 26, 2009

TO MULTIPLE BANKING INSTITUTIONS:

SUBJECT: MODIFICATIONS TO CIRCULAR 2019/95

The Bank of Mexico, based on what is provided in Article 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; Articles 24 and 26 of the Bank of Mexico Law; Articles 46, subsection XXVI bis, and 48 of the Credit Institutions Law; Articles 3, subsection XI, and 22 of the Law for Transparency and Ordering of Financial Services; Articles 8th, third and sixth paragraphs, 10, 12 in relation to Article 20, subsection IV; 14 in relation to Article 25, subsection II, and 17, subsection I of the Internal Regulations of the Bank of Mexico, which provide the attribution of the Central Bank, through the Directorate of Operational and Payment Systems, the General Directorate of Analysis of the Financial System, and the Directorate of Central Banking Regulations, respectively, to issue provisions; Article 1, subsections I, III, and IV of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, with the objective of promoting the sound development of the financial system, facilitating the proper functioning of payment systems, and protecting the interests of the public, by establishing a new demand deposit account with the following characteristics: i) for its opening, the integration of a file is required that includes data regarding the full name, date of birth, and address of the client; ii) the maximum amount of deposits that each institution may receive per account holder shall not exceed the equivalent of two thousand investment units (UDIs) during a calendar month, and iii) mobile phones may be used as a means to transfer funds. The aforementioned characteristics were determined considering, among other things, what is provided in the "General Provisions referred to in Article 115 of the Credit Institutions Law," issued by the Ministry of Finance and Public Credit and published in the Official Gazette of the Federation on April 20, 2009. Therefore, this Central Institute has resolved to modify sections M.11.11.2, M.11.11.21, M.11.11.22, M.11.11.23, M.11.11.24, M.11.11.25, and M.11.11.26 of Circular 2019/95, to remain as follows:

M.1 PASSIVE OPERATIONS M.11. CHARACTERISTICS OF OPERATIONS IN NATIONAL CURRENCY M.11.1 BANKING DEPOSITS OF MONEY

“M.11.11.2 SIMPLIFIED FILE ACCOUNTS (MOBILE)

M.11.11.21. Account Holders

Only natural persons may be account holders.

M.11.11.22. Amounts

The maximum amount of deposits that each institution may receive per account holder shall not exceed the equivalent of two thousand investment units (UDIs) during a calendar month.

For these purposes, the value of the UDIs on the last day of the calendar month prior to that in which the computation is carried out shall be taken.

M.11.11.23. Yields

Institutions may freely agree with their account holders on the interest rates that accrue on these deposits.

M.11.11.24. Credits and Withdrawals

The account may receive cash and check credits at bank branches, ATMs, commission agents, and through electronic fund transfers.

The account holder may dispose of the total or partial balance of the account by means of: cash; debit cards as provided in section M.11.11.15.2, and electronic fund transfers, including the direct debit service.

Electronic fund transfers may be carried out, among other means, through mobile phones, ATMs, and computer equipment.

Institutions must inform their clients of the records of credits and withdrawals made in their accounts. In the documents in which such records are entered, as well as in the messages in which each credit or withdrawal is reported individually, the institution holding the account must be reliably identified.

M.11.11.25. Opening

Institutions may open these accounts with at least the data regarding the full name without abbreviations, date of birth, and address of the account holder, in accordance with what is provided in the 14th, third paragraph, of the General Provisions referred to in Article 115 of the Credit Institutions Law issued by the Ministry of Finance and Public Credit. The documents delivered upon opening the account must clearly indicate the institution holding it.

M.11.11.26. Other Provisions

Institutions must allow their account holders to receive and send electronic fund transfers between this type of account, as well as between them and any other bank account, regardless of the credit institution holding it.

Institutions must not differentiate the delivery time of the payment instruction to the system executing the transactions, between transfers to accounts located in the same bank and those located in another bank.

Institutions must ensure that the systems executing transfers to mobile accounts do not differentiate in the delivery time of fund receipt notifications to beneficiaries, between transfers received from accounts of the same bank and those accounts located in another bank.

The commissions that, if any, institutions charge for the sending of interbank transfers referred to in this section shall not exceed the amount of commissions that, if any, they charge for transfers between their own account holders, plus the cost generated by the interbank system used to settle them.

Credits made to the mobile account shall not be subject to any commission, regardless of the medium through which they are received.

Institutions acting through commission agents shall be responsible for ensuring that these agents comply with what is stipulated in section M.11.11.2.

TRANSITIONAL

SINGLE. This Circular shall enter into force on June 29, 2009.