Mexican Banks Increase Fees

As banks around the world continue to suffer, many are thinking of ways in which to raise income.

Banks in Mexico are coming in for criticism for raising fees across the board. If you issue a cheque that bounces at Grupo Financiero Banamex SA ( A Citigroup subsidiary in Mexico), it will cost you $82, substantially more thatn it would do in the UK or the States.

Bloomberg reports that the average monthly service charge for current account holders whose balance fell below a minimum level had increased six-fold in a 4 month period from last August to over $19.

Bank of Nova Scotia's Mexican subsidiary, Scotiabank Inverlat SA, apparently charges customers $1.87 each time they make a cash withdrawal from a rival's cash dispenser.

Customers, in the meantime, are beginning to complain.

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