One of the aspects least understood by users of financial services is the management of inactive bank accounts and the destination of the funds they contain if no movements are recorded for prolonged periods.
The National Commission for the Protection and Defense of Users of Financial Services (Condusef) clarifies that, under the current regulations issued by the Credit Institutions Lawbanks are obliged to transfer funds from inactive accounts to public charities if they have not been claimed after six years of inactivity.
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An account is considered inactive if it does not record deposits or withdrawals for three yearsexcept for bank commissions that do not count as movement.
After this time, The resources are transferred to a global bank accountwhere they remain the property of the original owner and do not generate commissions, although they do generate monthly interest.
If after another three years in the global accountthe funds do not exceed 300 days of the current minimum wage in Mexico City and have not been claimed or moved, They are handed over to public charity, with the owner losing any right over them.
The bank is obliged to notify the client 90 days in advance before the three years of inactivity expire.to the address registered in the account, about the imminent transfer of the resources.
Importance of keeping personal data updated: It is very important that users keep their personal information updated in the bank, including address and contacts. This ensures that you will receive appropriate notifications about the status of your accounts and avoids situations where funds may be transferred without your knowledge.
Exceptional situations for larger amounts: In cases where the inactive account accumulates more than 300 minimum salaries, the funds will remain in the global account indefinitely. The bank does not have the power to transfer these resources to public charity without first obtaining the consent of the owner, or until specific legal procedures are met.
Claiming funds and designating beneficiaries: Holders can claim funds in the global account at any time, proving their identity and ownership of the account with the corresponding contract and official identification.
To avoid future complications, CONDUSEF advises the following:
- Keep personal and contact information updated in the bank.
- Periodically review account statements.
- Limit the number of bank accounts to those strictly necessary to reduce the risk of forgetting or inactivity.
- Inform beneficiaries about the existence and details of the accounts, ensuring that their data is correct in the contract.
Additionally, it is recommended designate clear and precise beneficiaries for accountswhich facilitates the transfer of funds in the event of the death of the owner, thus avoiding lengthy judicial processes.
The proper management of bank accounts and attention to administrative details protects financial resources and ensures that they are managed according to the owner’s will, even after his or her death.
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