Inactive Mexican Bank Accounts Will Be Closed and the Money Sent to a General Fund (VIDEO)

TRANSCRIPT

Her everybody. Qroo Paul here.

Ahwile back, I was talking with a friend of mine in Mexico — a fellow expat from the United States — and he was telling me about a problem that he had with one of his Mexican bank accounts.

He said that when he first moved to Mexico several years ago, he opened checking accounts at two Mexican banks because he wasn’t sure which one would work best for international transfers and online payments.

After using them both for a short time, he chose his favorite and started using that account for all of his banking needs. Instead of closing the other account, which had around $1,000 USD in it, he decided to hold on to it — just in case.

As I mentioned before, that was several years before our conversation.

So, he tried to use his ATM card to check that old account and it didn’t work. When he went to the bank to inquire, he was told that the account had been abandoned and the funds had been transferred to a general fund, in accordance with federal law.

Before I tell you how this story ends, let’s take a look at that federal law cited by the bank official.

Artículo 61 de la Ley de Instituciones de Crédito

The section applies to accounts that don’t have a set expiration date and/or automatically renew.

According to the law, if there aren’t any deposits, withdrawals or transfers for a period of three (3) years, the financial institution is required to transfer the funds to a combined global account. Once the money is transferred, the account holder will no longer be charged any fees or commissions related to the closed account.

The financial institution is required to notify the account holder by mail 90 days prior to transferring the money. to the global account. That’s why it’s important to make sure that your bank has your correct address.

After three (3) additional years in the global account, account balances that are equal or lesser to 300 times the UMA (Unidad de medida y actualizacion) will be transferred to a public fund called the beneficencia pública. That’s around $1,400 USD.

The money in that fund is used to pay for health-related services and programs operated by the Secretary of Health.

Account balances that are larger than that, will stay in the global account indefinitely earning interest.

Getting Your Money Back

If the money has already been transferred to the beneficencia pública, it’s gone for good. However, if it’s still in the global account, it can still be reclaimed by the account holder. This is normally done by filling out a formal request at the bank.

According to Scotiabank’s official website, the money should be returned to you the same day you complete the request.

If for some reason things don’t go smoothly at the bank and they seem reluctant to return your funds to you — and they haven’t already been transferred to the beneficencia pública — you can turn to the government agency tasked with protecting account holders, CONDUSEF, for assistance.

Let’s Wrap This Up

In our friend’s case, he acted in time to get his funds back from the global fund; however, we know other expats that lost their funds simply because they didn’t know what action to take.

So, that’s why I made the video. I hope you found it informative. Until next time, hasta luego.

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About the Author

Qroo Paul
Paul Kurtzweil (Q-Roo Paul) was a deputy sheriff in Florida for 25 years before retiring at the rank of lieutenant in 2015. He and his wife moved to Mexico looking to maximize their retirement income. They later started a blog called Two Expats Mexico (qroo.us) to share their experiences as well as information about the logistical and legal aspects of retiring south of the border.

7 Comments on "Inactive Mexican Bank Accounts Will Be Closed and the Money Sent to a General Fund (VIDEO)"

  1. Actually, much the same can happen in the U.S. if enough time passes. My spouse had an old passbook savings account in a bank that we no longer use (long story). He’d also mislaid the passbook over the years, so just never bothered to get the money out (also, because of bad feelings, he really didn’t want to go to that bank and then, of course, along came Covid and we really didn’t want to go *anywhere*!). Long story short: we got a registered letter telling us that if nothing was done by the end of the month, the funds (now a whopping $110.79) would be transferred to a general fund. Needless to say, he hustled right down to the bank and closed out the account.

  2. Thanks for posting this info! When Mom heard on the news about the government taking your money, she started making withdrawals every month, even though she did not need the cash. I told her that doing one a year was enough; I now know she can go longer.

  3. Chuck McKinney | October 8, 2021 at 1:16 pm | Reply

    Good to know. Thank you.

  4. If you have a dormant acct. in the US, transfer $1 each month from checking to savings or vice versa.

  5. hello paul…i’m a long time afficionado of your stuff. i like that you intstituted the “read feature”. i’m a fast reader, and i like the choice of reading or watching. i won’t watch anything than runs for more that 30 seconds, unless i’m interested. There are so many videos out there that are total time wasters with the “Wait!…there’s more!” format , and I just click out. Your videos are always well thought out, and informative, and now you give the option to read, in case you already know, doesn’t apply to you, or whatever, so you don’t have to
    waste time. Thanks.!

  6. Thanks to your info yesterday, we checked with our bank CiBanco, found that we could print a bank statement every month or so for the account to remain open

  7. Thanks Paul. This gives me incentive to take action on my account in PV. Gracias.

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