Regulatory Alerts2013-12-06 | Circular 5/2013Added
Circular 5/2013 — Modification to Circular 22/2010
Circular 5/2013 amends Circular 22/2010 to establish limits on commissions for electronic transfers made via mobile devices, allowing fees to be calculated as a percentage of the transfer amount or a fixed national currency amount. It prohibits credit institutions from charging fees for debit card cancellation or for not using level 1 debit accounts for 365 days. The circular also updates definitions for financial entities and mobile transfers, and mandates that commissions charged through commissionaires must be fixed amounts, with an exception for mobile transfers.