Banking fees that millions of Mexicans pay for using their money may be numbered. An initiative to eliminate fees on savings and payroll accounts is being presented in the Chamber of Deputies. The coordinator of the PRI deputies, Rubén Moreira Valdez, proposed his reform to the Law of the Bank of Mexico and the Law of Credit Institutions, with the aim of stopping charges for account opening, maintenance, deposits, withdrawals, balance inquiries, and account issuance. Likewise, the legislator warned that the financial system maintains 'scattered, contradictory, and clearly disadvantageous' rules for savers, which is why Moreira stated that there is a strong inequality between those who receive and deposit their money. What does the 'zero banking fees' proposal seek? The so-called 'zero banking fees' law also contemplates eliminating fees on accounts linked to social programs, with the aim of protecting the most vulnerable sectors, such as the elderly and young people, who depend on these supports and should not see their income reduced by bank charges or account closures. Additionally, the initiative establishes the obligation for all credit institutions to offer basic products without fees for the general public, guaranteeing access to financial services under fair conditions. On the other hand, Rubén Moreira, also a PRI deputy, recalled that according to a comparative analysis published by the National Commission for the Protection and Defense of Users of Financial Services (Condusef) for the main foreign-origin banks in Mexico, income from fees in our country is higher, between 5 and 19%, than that obtained by the same financial institution abroad. Therefore, he exemplified that there are Spanish banks that charge up to 39% in fees in our country, while in their country it is 20%. Meanwhile, Moreira Valdez pointed out that it is necessary to protect users of financial services and provide the Central Bank with the necessary elements to fulfill the attribution of regulating Commissions and Exchange Fees.
