Regulatory Alerts2010-06-03 | Circular 16/2010Added
Circular 16/2010 — Modifications to General Provisions for the Transfer of Salary and Other Labor Benefits
The Bank of Mexico modifies the general provisions for the transfer of salary and other labor benefits, requiring credit institutions to accept client instructions for transferring funds from salary accounts to chosen accounts at other banks without charge. Clients must be provided with a standard transfer format, and institutions are obligated to process these instructions within ten business days upon presentation of valid identification and account details. Additionally, credit institutions offering payroll services must allow employers to deposit funds directly into either the client's originating or receiving account, and must publish specific consumer rights notices on their websites and in national newspapers during January and July.
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