News

Mexico's central bank adds ATM fees to its ban on some bank commissions

October 13, 2009

NASDAQ.com reports that the Bank of Mexico will restrict the ATM fees commercial banks charge consumers as part of its effort to create more competition in the banking industry by forcing banks to generate more revenue from services and lending.

The Bank of Mexico, the country's central bank, began banning some fees in August, such as those on accounts required as a condition for obtaining a loan, overdraft fees on a debit card and fees for closing deposit accounts.

In 2008, fees and commissions represented 27 percent of operating profits for Mexican banks, the report says.