Regulatory Alerts2008-06-11 | Circular 25/2008Added
Circular 25/2008 — General Provisions for the Transfer of Salary and Other Labor-Related Benefits
The document establishes general provisions requiring credit institutions to transfer salary and other labor-related benefits deposited into an ordering account to a recipient account chosen by the client, without charging any fees. Clients must provide specific instructions containing their name, ordering account number, receiving institution, and either the CLABE or debit card number, and may cancel these instructions at any time with effects taking place no later than the third business day following receipt. Credit institutions holding ordering accounts are mandated to include a notice in their October and April statements informing clients of this right to free transfer.
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