Regulatory Alerts2010-07-26 | Circular 22/2010Added
Circular 22/2010 — Prohibitions and Limits on the Charging of Commissions
The Bank of Mexico prohibits financial institutions from charging commissions for cash withdrawals, balance inquiries, deposits, and loan payments at branches and ATMs, and restricts late payment fees to the lesser of the default amount or the amount registered with the central bank. The regulation mandates that credit institutions offer commission-free Basic Payroll Accounts and Basic General Public Accounts with specific minimum services, while prohibiting simultaneous charges for account management and minimum balance maintenance. It also bans fees for mortgage cancellation procedures, limits transfer return commissions, and requires ATM operators to display total operation costs transparently.