Deciding to hold your money in Mexico a big step, but most citizens have doubts about whether their money will be safe in the institution where they have deposited their resources.
If that is your case, pay close attention to the following information. It will interest you
Did you know that in the event that a bank were to present financial problems that put people’s savings at risk, there is government-backed insurance?
The Institute for the Protection of Bank Savings (IPAB) was created 15 years ago and is responsible for establishing the necessary mechanisms for savers to quickly recover their money.
The banks are the financial entities that have a deposit insurance backed by the government, but what are the products protected by the IPAB?
– Payroll account
-Investments will pay with liquidatable yield at expiration
The National Commission for the Protection and Defense of Users of Financial Services (Condusef) states that the equivalent of 400 thousand Units of Investment, approximately two million 58 thousand pesos, per individual or company, and bank can be covered.
In all cases, the limit is 400 thousand UDIS, so if a user has more than one account or operation in the same bank, the balances of these are added together and the total amount is the one that is taken as the basis for the effect of determine the amount to cover.
Given this limit, it is important “not to put all the eggs in the same basket”, that is, to diversify your accounts in several banking institutions, so that each of your investments is protected by the Deposit Insurance.
The Condusef stresses that all banks have the obligation to inform their clients about the type and amount of the operations guaranteed by the IPAB, this in their account statements and in the product contract, which will appear in a legend:
“Your savings are protected up to 400 thousand UDIS (Investment Units) per person, regardless of number, type and class of obligations in your favor.”
Also the Sofipos
If you are one of those who have decided to save through Popular Financial Societies, generally called sofipos, your money is also protected by up to 25 thousand UDIS, which represents approximately 128 thousand 76 pesos per saver.
In accordance with the reforms to the Popular Savings and Credit Law, a system of protection for savers was created, called the Protection Fund and whose Trust Institution is the National Savings and Financial Services Bank under the supervision of the National Banking Commission and of Securities (CNBV).
Under this scheme, the Popular and Community Financial Societies participate in the insurance scheme for the benefit of the depositors and are supported with contributions made by the federal government.
The IPAB guarantees the bank deposits of small and medium savers
The IPAB guarantees your bank savings up to 400 thousand UDIs. As of June 8, 2019 they are equivalent to $ 2,505,212.80 pesos.
Source: www.gob.mx/ipab , dineroenimagen
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