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Banks to Charge Only One Fee for ATM Use
 The News
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January 01, 2010
| | A client withdraws money from an automatic teller machine (ATM) of BBVA Bancomer in Mexico City on Wednesday. (The News) | |
Mexico City - In 2010, the Bank of Mexico (Banxico) will inact a new regulation in order to prevent undue commission fee charges for ATM users.
The effort won't be easy, said Banxico Director of Operations Systems and Payments, Ricardo Medina. He acknowledged that there is currently no limit to the commission fee we will be vigilant regarding the rate of increase in order to determine whether or not another type of regulation will be required.
Last October the central bank reported that from next year banks will only charge cardholders once for ATM transactions, after detecting that banks were charging ATM users double commissions without informing them of the charges. The change is to enter into effect from 15 January and 30 April, the new regulation will limit the number of commission fees charged and require banks to notify users of the fees before charging them.
In an interview Ricardo Medina explained that with these measures the central bank will resolve a problem with transparency in ATM operations. We think that it is very healthy and recommendable for cardholders who use ATMs that before they realize their transaction they clearly understand how much the bank will charge them for the transaction and on the basis of this authorize the transaction.
It has become common practice that each bank, that which issued the card and that which operates the ATM, each charges a commission of their own. In these cases the cardholders do not realize they will be charged twice and this can become quite expensive.
In the face of this situation Banxico has outlined within the new regulation that banks will have until 15 January, 2010 in order to regularize and make transparent their commission charges for transactions where the ATM operator and bankcard are from the same bank, and until 30 April for different institutions.
Ricardo Medina emphasized that through the new regulation Banxico will eliminate one of these two commissions. The ATM operator will have the right to charge the commission and if the ATM operator decides to charge the commission then the bank that issued the card will no longer be able to charge a commission fee. He said that there still does not exist a limit on rate of commission that can be charged
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