Inactive Account = Lost Account
If your checking, savings and investment accounts are dormant, the funds will by law be turned over to the public welfare
Pursuant to Article 61 of the Credit Institutions Act, banks are obligated to send to the public welfare/charity those funds that are in checking, savings and investment accounts which show no transactions and/or activity over a period of six years (that is, they are considered dormant accounts).
Based on the foregoing, an account with no deposits or withdrawals for three years will be changed over to a cuenta concentradora (concentration or centralizing account) at the very bank itself and fees will no longer be charged.
The bank is obligated to give you 90 days’ notice at the address you have on file of their intention to transfer your funds over to the bank’s cuenta concentradora.
When an additional three years have elapsed as of the date the funds were deposited into the cuenta concentradora and they have not been claimed nor do they show any transactions and/or activity and do not exceed $17,460 (300 days’ legal minimum wage in the Federal District), the money will turned over to the public welfare/charity.
What is the public welfare/charity?
The public welfare is a deconcentrated (autonomous) body of the Ministry of Health which has the power and authority to manage funds received as donations, inheritances, and for any other legal reason, and additionally manages budget resources/funds of the federal tax revenue in order to attend to the most urgent needs of those classes least protected.
Recommendations in order to keep your savings
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Keep your accounts up to date (name of account holder, addresses, names of beneficiaries) and keep only those accounts you need to carry out your activities
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Make any periodic deposits or withdrawals (however minimal) in order to register activity or transactions on the accounts that you do not use on a daily basis
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Always check your statement
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Inform your beneficiaries of the existence of the accounts so that they can claim them
Do not forget that the funds in the cuenta concentradora are yours and you can request them from the Bank, but if you wait until they are released to the public welfare you will then have no recourse.
Source: www.idconline.com.mx
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