Mexico adds to bank fee restrictions

MEXICO CITY, July 25 (BestGrowthStock) – Mexico’s central bank
unveiled fresh restrictions on the fees banks can charge on
Sunday, fulfilling a step required by legislation passed in
May.

The new regulations prohibit banks from charging their
customers fees for routine transactions such as deposits and
withdrawals and restrict the fees banks can charge borrowers
who are late in making payments.

Mexico has stepped up its regulation of banking fees amid
complaints the industry charges excessively for services. Rules
enacted in 2009 cracked down on fees banks could charge when
customers used automated teller machines and prohibited charges
for closing accounts.

Mexico’s banking sector is dominated by international
giants including Citigroup (C.N: ), Spain’s BBVA (BBVA.MC: ) and
Santander (SAN.MC: ), HSBC (HSBA.L: ) and Canada’s Scotiabank
(BNS.TO: ).

Politicians often accuse the foreign-owned banks of
charging higher fees and interest rates in Mexico than in their
home countries.

Stock Market Today

(Reporting by Robert Campbell; Editing by Diane Craft)

Mexico adds to bank fee restrictions