We would like to warn our readers about one subtlety of using a salary account in Mexico. After dismissal, in other words, after he stops receiving salary, the bank is able to begin charging a service fee. Over time, the amount of liability can accumulate, and the client does not even notice it if he does not use the account.
In Mexico, salary accounts (cuenta de nómina) are regulated so that the basic product should be free. By law, banks are required to offer a so-called “basic account”, which does not include fees for opening, maintaining, withdrawing funds, basic intra-bank transactions and minimum balances. For most banks, these requirements are strictly tied to the status of the account nómina. Typically, a salary account for an employee is opened at the request of the employer.
According to the Federal Labor Law (Ley Federal del Trabajo), for workers paid for physical work, wages must be paid at least once a week (semanal), for other employees, payment once every two weeks (quincenal) is allowed. In some cases, salaries can be paid 2 times a month (advance + balance), but on specific dates.
If the salary stops coming (the employee quits), after some time the bank is able to reclassify the account as a regular debit account. This usually happens after a few months. After this, the bank is able to introduce a minimum balance requirement and begin charging a service fee or paid services, even if no transactions were made.
In our experience, among Mexican banks the most «aggressive» transferring a salary account to a regular debit — at Banorte. BBVA — The most liberal bank, an empty salary account can be serviced without commission for a very long time. Santander changes the status of the salary account selectively, and you need to read the fine print in the contract when opening it.
When an employee takes a new job and decides to purchase a salary through the same bank, if the salary account has outstanding fees, the bank has the ability to automatically deduct those amounts immediately after the new salary is credited.
In this regard, when an employee quits, it is recommended to simply close the salary account or check with the bank for new requirements for use. If the employee is aware of the bank's minimum balance requirements to avoid monthly service fees, and they are satisfied with them, he can continue to use the salary account in the future.