New rules to borrow from another bank via payroll

Mexico, Mexico.- The Bank of Mexico (Banxico) issued new rules so that workers can get salary credit from a bank other than the one that receives his salary, according to the circular 15/2018 of last Wednesday.

Until now, workers can only obtain salary credit in banks with their payroll account. With the new regulations, you can get it from another bank.

According to the changes made to Circular 3/2012 for the use of fringe benefits as a support for financial services hired by workers, which give rise to circular 15/2018, Banxico deems it appropriate to offer a greater flexibility for users of financial services associated with Payroll.

"The above, by establishing a clear mechanism allowing them to use this source of payment for credits that any institution is interested in offering, regardless of the institution that manages the payroll deposit account," is mentioned in the circular.

In addition, the Central Institute has put in place controls to prevent backlogs in the payday loan portfolio, as in the segment of workers who stop working in a company and thus pay their salary credit, the outstanding represents The total portfolio is 15.2%.

"In order to maintain adequate credit portfolio quality when the institution-wide payroll dispersion service migrates from one intermediary to another, incentives to pay for this type of credit need to be strengthened, in limiting the use of new credits payroll accounts as a safeguard for new loans to clients who, having already incurred credit obligations associated with the payroll, decide not to continue payment of these under of said migration ", is mentioned in the circular.