Regulatory Alerts2009-07-21 | Circular 17/2009Added
Circular 17/2009 — Limits on the Charging of Commissions
The Bank of Mexico prohibits financial entities from charging commissions for overdrafts or attempted overdrafts on revolving credit cards and unsecured personal liquidity loans, and bans simultaneous fees for account management and minimum balance maintenance in demand deposit accounts. The regulation further forbids fees for credit card cancellations, check returns, debit card overdrafts, and differentiating transfer fees by amount, while requiring all charges to be included in the Annual Total Cost (CAT) unless they relate to early, late, or default payments. These rules apply to credit institutions, limited-object financial societies, and regulated multiple-object financial societies and entered into force on August 21, 2009.
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