Latin America Business News
New Regulations Limit Mexican Bank Fees and Commissions
Mexico’s central bank, Banxico, announced new policies on bank fees and commissions charged for banking transactions occurring in Mexico. The sweeping reform, due to take effect in early August, will curtail overdraft fees, minimum account balance fees and eliminate fees for late payments on loans and fees charged for not using a credit card.
Numerous government watch groups and Banxico felt that Mexico’s bank fee structure was too high and was not in line with banking practices in other countries. Like the United States, Mexican banks will now have to show all ATM customer’s fees incurred when using the ATM.