Regulatory Alerts2009-09-22 | Circular 23/2009Added
Circular 23/2009 — Direct Rules for Bank Deposit Account Domiciliation
The Bank of Mexico establishes rules requiring credit institutions to provide standardized formats for clients to authorize, cancel, or object to recurring charges on bank deposit accounts. Cancellations must take effect within three business days, while charge objections filed within the first sixty days of the ninety-day window require immediate reimbursement by the client's bank, with more complex cases resolved within twenty days. Credit institutions are prohibited from charging fees for processing valid objections or cancellations and must make the required forms available in branches and online.