Regulatory Alerts2011-11-01 | Circular 20/2011Added
Circular 20/2011 — Modifies Circular 23/2009
The Bank of Mexico amends Annex 1 of Circular 23/2009 to update the format for requesting direct debit authorizations on deposit accounts. The revised form allows customers to authorize periodic payments for credit cards by selecting specific charge options, including the minimum payment due, the total balance to avoid interest, or a fixed amount, in addition to the previous fixed maximum amount option. This modification provides greater flexibility for consumers making periodic credit card payments from their bank accounts. The circular enters into force on November 4, 2011.