Regulatory Alerts2008-07-31 | Circular 33/2008Added
Circular 33/2008 — Modifying General Provisions for Salary and Labor Benefit Transfers
The Bank of Mexico modifies the general provisions for salary and labor benefit transfers to extend the effective date to October 31, 2008, and to clarify operational requirements for credit institutions. The amendments define 'Employer' and 'Payroll Service', establish transfer deadlines based on a 15:00:00 hours cutoff, and mandate specific customer notification formats and public disclosures in January and July. Additionally, the circular prohibits fees for these transfers and clarifies that direct deposits to chosen accounts bypass these specific procedures.
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