Circular 26/2009 — Modifies Circular 2019/95

CIRCULAR 26/2009
Mexico, D.F., November 3, 2009
TO MULTIPLE BANKING INSTITUTIONS:
SUBJECT: MODIFICATIONS TO CIRCULAR 2019/95

The Bank of Mexico, based on the provisions of Article 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; Articles 24 and 26 of the Bank of Mexico Law; Articles 46, subsection XXVI bis, and 48 of the Credit Institutions Law; Article 3, subsection XI; Articles 16 and 22 of the Law for Transparency and Order of Financial Services; paragraphs 3 and 6 of Article 8, Article 10, Article 14 in relation to subsection II of Article 25, subsection I of Article 17, and subsection IV of Article 20 of the Internal Regulations of the Bank of Mexico, which provide the Central Bank with the authority, through the General Directorate of Financial System Analysis, the Directorate of Central Banking Regulations, and the Directorate of Operational and Payment Systems, respectively, to issue regulations; the Single Article of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, subsections I, III, and IV, with the objective of promoting the sound development of the financial system and facilitating the proper functioning of payment systems by expanding the range of bank money deposit accounts that these institutions can offer to the public; has resolved to modify sections M.11.11.2 to M.11.11.26, all of Circular 2019/95, to read as follows:

M.1 PASSIVE OPERATIONS
M.11. CHARACTERISTICS OF DOMESTIC CURRENCY OPERATIONS M.11.1 BANK MONEY DEPOSITS

“M.11.11.2 Mobile Accounts”

“M.11.11.21. Types
Mobile accounts shall be those that institutions have registered as such and that are associated with a mobile phone number. These accounts may be of three types, as follows:

a) Unlimited mobile account
One whose file is integrated in accordance with the provisions of the 4th provision of the "General Provisions referred to in Article 115 of the Credit Institutions Law" (Provisions) issued by the Ministry of Finance and Public Credit, which shall not be subject to restrictions on maximum amounts regarding deposits and withdrawals.

b) Low-risk mobile account
One whose file is integrated in accordance with the 14th provision, first and second paragraphs, of the Provisions. Institutions must establish, in terms of the Provisions, the maximum amount of the sum of deposited amounts and cash withdrawals that can be made during a calendar month.

c) Low-transactional mobile account
One whose file is integrated in accordance with the 14th provision, third paragraph, of the Provisions. The maximum amount of deposits that can be received during a calendar month shall be the equivalent in national currency to the amount in Investment Units (UDIs) provided in the aforementioned third paragraph of the cited provision. To calculate the corresponding amount in national currency, the value of the UDIs on the last day of the calendar month preceding that in which the calculation is to be carried out shall be taken.”

“M.11.11.22. Account Holders
Natural and legal persons may be account holders.
The foregoing, with the exception of low-transactional mobile accounts, in which only natural persons may be account holders.”

“M.11.11.23. Documentation
In the documents delivered to the account holder when mobile accounts are opened, it must be indicated in a reliable manner the institution that manages them, as well as the mention of the type of mobile account in question, indicating the maximum amount of deposits and withdrawals, if applicable, that will apply to them.”

“M.11.11.24. Credits and Withdrawals
Institutions must allow their account holders to make credits to mobile accounts using cash, checks, and through electronic funds transfers, as well as to dispose of the resources of said mobile accounts through cash withdrawals and electronic funds transfers instructed through the mobile phone number associated with said accounts. Additionally, institutions, when agreed upon with their account holders, may allow them: i) to instruct electronic funds transfers through other means, and ii) to dispose of the resources of mobile accounts, through debit cards provided for in section M.11.11.15.2. Institutions must inform their account holders of the credits and withdrawals made in their mobile accounts. In the documents in which such records are entered, as well as in the messages in which each credit or withdrawal is reported individually, the institution that manages the account must be reliably identified.”

“M.11.11.25. Yields
Institutions may freely agree with their account holders on the interest rates that deposits in these mobile accounts will accrue, which may be different for different types of account holders or accounts.”

“M.11.11.26. Other Provisions
Institutions must allow their account holders to receive and send electronic funds transfers between mobile accounts, as well as between these and other types of bank accounts, regardless of the institution that manages them.
To be able to carry out electronic funds transfers from mobile accounts to other types of bank accounts, institutions must request that their account holders previously register the receiving account in terms of the applicable provisions of the National Banking and Securities Commission.

Institutions that receive instructions to transfer resources from mobile accounts they manage must process them with the same speed, regardless of whether the beneficiary is or is not their account holder.
Institutions that receive instructions to credit resources to mobile accounts they manage must process them with the same speed, regardless of the institution from which such instructions originate.
The commissions that, if any, institutions charge in connection with the sending of electronic funds transfers from mobile accounts they manage, may not differ based on the institution that manages the beneficiary's account.
Credits made to mobile accounts in terms of section M.11.11.24. may not be subject to any commission, regardless of the medium through which they are received.
Likewise, institutions may not charge interbank fees in connection with the electronic funds transfers referred to in this section.
In accordance with the provisions of Article 46 Bis 1 of the Credit Institutions Law, in the event that the National Banking and Securities Commission authorizes through general provisions that institutions can open mobile accounts through commission agents, the former shall be responsible for ensuring that such commission agents comply with what is stipulated in sections M.11.11.2. to M.11.11.26. and other applicable provisions.”

TRANSITORY
SINGLE. This Circular shall enter into force on November 9, 2009.
Institutions must provide the Bank of Mexico, with at least ten banking business days' advance notice prior to the date on which they begin to open mobile accounts, the detailed description of the manner and terms in which they will comply with what is provided in section M.11.11.26., through a written submission presented to the Directorate of Operational and Payment Systems of the Bank of Mexico, located at Av. 5 de Mayo No. 6 Col. Centro C.P. 06059, Mexico, D.F.