In a move that champions consumers and borrowers, many Mexican bank fees and
commissions will be abolished under new rules from the country's central bank,
reported the Financial Times newspaper, at the end of last month.
London finance daily's article the Bank of Mexico said bounced check fees are to
be abolished as are charges for cancelling deposit accounts, credit cards, debit
cards or internet banking services.
Last year customer fees charged by
banks amounted to more than than a quarter of their operating
Ronald Buchanan, the paper's reporter in Mexico City, wrote,
"The move is seen as an effort to boost competition in a sector dominated by
foreign banks [and] to counter growing criticism of what many regard as
excessive and unfair charges, as well as promote more lending by the
The article listed some of the foreign banks in Mexico that will
be affected, such as the UK's HSBC, Spain’s BBVA and Santander, and the Canadian
Bank of Nova Scotia.
The new Mexico finance rules will apply from August
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