The Central Bank of the Argentine Republic says starting in January 2021, financial institutions will be able to increase the fees or commission they levy for services rendered. In its November 5 update, which effectively ends the February 19 freeze on any fee hikes, the central bank says such increases should not exceed 9% each month.
Furthermore, the country’s regulations require financial institutions to communicate any intention to increase such commissions 60 days in advance.
In the update, the central bank provides a list of the types of financial services where the authorization of the increases will be applicable and these include:
“(The) issuance of additional debit cards, replacement of debit cards due to theft or loss; use of ATMs (outside of the entity’s operating houses, another entity and / or network) and services for the extraction of funds through terminals at points of sale and cash withdrawals from the account by the owner or a third party.”
The update also adds that…