Mexican deputies have passed a law obliging banks to offer commission-free products. According to the National Commission for the Protection and Defense of Users of Financial Services (Condusef), foreign banks in Mexico charge between 5 and 19 percent more than in their countries of origin. In November of last year, the Chamber of Deputies unanimously approved reforms to the Law for the Transparency and Ordering of Financial Services, with the aim of protecting users from abuses in the issuance and cancellation of credit and debit cards. The reforms prohibit financial institutions from charging fees for services, insurance, memberships, or additional benefits without the user's explicit consent. They also require that contracting forms clearly reflect the charges and costs associated with any billing before it is generated. It is established that issuing entities must guarantee complete and transparent information about costs, charges, and commissions, as well as ensure that the user's right to cancel cards can be exercised through in-person, telephone, and digital mechanisms, including mobile apps and web portals, available year-round. The law states that card cancellation must be completed within a maximum of five business days, at no cost, and with a digital or physical certification that accredits the termination of the contract. The coordinator of the Institutional Revolutionary Party (PRI), Rubén Moreira, proposed a legal reform in the Chamber of Deputies aimed at curbing bank commissions that affect savers and payroll account holders. The initiative seeks to modify the laws of the Bank of Mexico and credit institutions to prohibit charges for opening, management, withdrawals, and inquiries on basic accounts. It also proposes eliminating penalties for maintaining minimum balances or for card replacement. The project also contemplates eliminating commissions on accounts linked to social programs, in order to protect vulnerable sectors and guarantee access to financial services without additional costs. Moreira highlighted that bank commissions represented 94% of the financial system's profits in 2025, equivalent to 304,400 million pesos, according to data from the National Banking and Securities Commission (CNBV). The proposal empowers the Bank of Mexico to comprehensively regulate commissions and rates, set caps, and prevent arbitrary charges. Furthermore, any card issuance without explicit consent will be considered null and void and will not require a cancellation process by the user. Finally, it is established that Profe and Condusef must supervise compliance with these provisions, formulate recommendations to the Executive, and ensure that corresponding sanctions are applied in case of non-compliance.
