Mexico Ruling Party Says Deal Struck With Banks on Fee Bill

Wednesday, March 6, 2019

By Nacha Cattan

Mexico’s Senate majority leader Ricardo Monreal reached an agreement with banks that allows him to move forward with his bill to regulate lenders’ fees, his aide said. Bank stocks and the peso jumped on the news.

The new version of the bill removes across-the-board prohibitions from the original legislation, but requires banks to offer zero-fee accounts to low income clients, Monreal’s aide Juan Garay said. The proposal may be approved by the Senate as soon as March 21, Garay said in an interview.

The bill also prohibits banks from charging customers for any ATM transaction, including withdrawals done at banks where they don’t have accounts, Garay said. That prohibition is lifted for customers who use ATMs more than three times a month, he said.

Photo courtesy of PresidenciaRD.

Source: Bloomberg (link opens in a new window)

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