Mexico: You can now withdraw money from other bank ATMs without being charged a commission

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The leader of Morena in the Senate, Ricardo Monreal, promoted and reached an agreement with banks and authorities that allows to advance a bill to regulate bank fees.

The new version of the bill eliminates the general prohibitions that were raised in the original proposal, but proposes that banks offer accounts at no cost to low-income clients, said Monreal adviser Juan Garay.

The proposal could be approved by the Senate in the coming weeks, Garay said in an interview with Bloomberg .

“The purpose is to reduce the number of commissions that currently exist in the national financial system, to benefit the transparency of the services provided by credit institutions, to ensure an economic policy that guarantees a fair distribution of income and wealth and to provide greater security to the small actors in the financial system, “Monreal said at a meeting in which the proposal was presented.

It also prohibits banks from charging customers for any transaction at ATMs, including withdrawals at banks where they do not have accounts, Garay said.

That ban is lifted for customers who use ATMs more than three times a month, he said.

Representatives of the Association of Banks of Mexico met with the senator and government officials on Thursday, where the representatives said that, in addition to the time of implementation of the legislation, they had few pending objections, said Garay.

Source: bloomberg

The Mazatlan Post