Published legislation and draft legislation - Colombia

Eliminating financial charges

House of Representatives draft bill 050/2018

Colombia's Congress has tabled a bill to eliminate some financial services charges, aligned with the regulatory trend to protect financial consumers.

Thus, the draft proposed that financial institutions may not charge for the following services:

  • Fixed charge for checking an account balance in the institution's ATMs
  • Charge for cash withdrawal from the institution's ATMs
  • Charge for online transfer between accounts with different titleholders but in the same institution
  • Charge for making online payments to third parties
  • Charge for paying in a deposit in a domestic branch office other than the one where the account is held.