With a a large majority of 467 votesThe Mexican Chamber of Deputies approved a reform to the Law for Transparency and Regulation of Financial Services that directly impacts the use of bank cards. The goal is to establish clear rules for issuing and canceling cards. clearer, faster and fairer for any customer.
The core of the change is unequivocal: the issuance of cards without express consent is prohibited, and the guarantee of Cancellation without costs or penalties through multiple channels and requires the return of improper charges within a short period. This aims to curb practices that, according to official figures, They affect thousands of users every year.
What changes in credit and debit cards
The reform puts customer consent at the center and closes the door to opaque charges. These are the practical points you should know for your Credit and debit cards:
- Prohibition of unsolicited cards: Any plastic card issued without prior authorization is null and void; it does not generate an obligation to cancel it nor can it cause annual fees, commissions or affect the history.
- Cancellation through all channels: It will be possible in branch, by phone and through online banking or app with a visible button available 24/7, without obstacles or added costs.
- Maximum period of five business days: The entity must finalize the cancellation within that time and provide a physical or digital receipt that proves the termination of the contract.
- Full transparency in commissions: Unauthorized services (insurance, memberships, or others) cannot be charged, and improper charges must be refunded within five business days.
Cancellation: deadlines, channels and receipts
The cancellation will be free and accessible at all times. In the digital channel, online banking and mobile applications must incorporate a visible cancel button, operational 24 hours a day, 365 days a year, so that the process does not depend on office hours or travel.
Once requested, the entity will have a maximum of five business days to formalize the termination of the contract. Upon completion, you must deliver a physical or digital receipt that certifies the final closure of the product, so that the customer has a clear and verifiable proof.
If during the process there were improper chargesThe bank will be obliged to reimburse them within five business days of their report, and negative alerts may not be issued in the Credit bureau due to unsolicited cards or those resulting from these situations. This protection reduces the risk of an incident ending dragging down the credit history of the users.
Transparency and oversight: goodbye to hidden commissions
Issuing entities must provide information clear, truthful and sufficient regarding all costs and charges associated with the financial product, in line with the principles of transparency and good faith. Furthermore, the requirement is reinforced to express consent In the hiring process: if it cannot be proven, there will be no valid charges or commissions.
The Bank of Mexico is expected to prepare stricter rules To eradicate hidden fees or unauthorized add-on services, such as insurance or memberships, Profeco and Condusef will be responsible for monitoring compliance, with the authority to act within their respective jurisdictions to protect consumers.
The scale of the problem is significant: according to Condusef, in 2024, cases were registered 251.528 complaintsOf these, 7.594 were related to ignored or blocked cancellations. The reform seeks precisely to eliminate these obstacles and ensure a quick and effective process.
Legislative process and next steps
The opinion approved in the Chamber of Deputies was sent to Senate for reviewIf it is approved without changes, it will be published in the Official Gazette of the Federation and financial institutions will have to adjust contracts and internal processes to comply with the new obligations.
The initiative's promoter, Ricardo Monreal, argued that the changes They strengthen consumer rights and they increase competition and confidence in financial services by preventing forced, covert or deceptive membership practices that contravene informed contracting.
With the new framework, user protection standards are raised: from the Easy and free cancellationFrom banning unsolicited plastics to quickly refunding overcharges and increasing transparency in fees, this package aims to create a system clearer, more competitive and more reliable for those who use bank cards.