|Mexico Prohibits Some Fees, Commissions for Banks|
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July 27, 2010
Mexico City - Mexico's central bank is prohibiting banks from charging their customers fees for withdrawing money, making deposits or checking on account balances at ATM machines or branch offices operated by the banks.
|Mexico bans some bank fees and limits commissions banks can charge on cards, accounts, loans.|
The rules also place limits on commissions for overdrafts or late payments on loans or credit card balances. Banks also will not be able to charge late fees on overdue payments if they are also charging interest.
Under the rules published Monday, customers also cannot be charged fees for not using cards or accounts if those accounts are also charging annual membership or maintenance fees.
Mexican consumers have been angered by the relatively high fees and interest-rate spreads charged by many Mexican banks.