Written in MONEY the
The Condusef carried out a supervision and evaluation of the financial institutions of the payroll account, through which millions of workers receive their salary.
Among the findings of the authority, it turns out that HSBC, Banorte, Mifel, Multiva and Autofin were the banking entities that reported the lowest rating.
The main breaches detected were in adhesion contracts:
-That correct product information is not delivered
-They give incomplete information and also do not contain data on the concepts, amounts and periodicity of commissions
-Many times users find out that certain amounts are deducted for not maintaining a minimum balance in their account.
The irregularities detected on the website were:
-That the concept, amount and frequency of collection of all the commissions generated by the product are not clearly established
-That the page is not clear, which can lead to error or confusion
According to the Condusef15 banks were evaluated, which represent 99.9% of the total deposits associated with this product, highlighting BBVA Mexico, which concentrates 42.6% of the portfolio of this type of accounts; Banorte follows, with 18.1%; Banamex, with 16.8%, and Santanderwith 12.7 percent.
clients of BBVA who use ATMs of other banks
Customers of other banks that use BBVA ATMs
In the case of Santander:
According to figures from the Bank of Mexico (Banxico) as of August, Santander charges the highest commission for cash withdrawal when the card is not from that bank, at a cost of 27 pesos plus VAT; Meanwhile, Bansi charges the lowest rate with an amount of 8.62 pesos plus VAT.
What you should know
1. Commissions to withdraw money from another bank can cost up to $40 pesos.
2. Ubicajero, is an app that helps locate the closest ATM to the user and shows commission costs
3. There are agreements between banks that eliminate commissions for having cash or reduce the cost of it