EconomyFinancialWhat happens to dormant bank accounts? Frequently asked questions

What happens to dormant bank accounts? Frequently asked questions

After the Chamber of Deputies approved that the resources in the banking system that have not been claimed in six years be dedicated to strengthening the federal, state and municipal police, some people have wondered if their money is safe in case of have not used their accounts for a while.

The reality is that article 61 of the Law of Credit Institutions already contemplates that the money from the accounts you leave for a while goes to charity. so that the Ministry of Finance, the federation and the states receive a percentage of the money.

When is a bank account considered abandoned?

An account is considered inactive when in the course of three years there has been no movement for deposits or withdrawals, remember that the collection of commissions made by the bank is not considered a financial movement.

What about these accounts?

The bank has the obligation to notify the address registered in the account, 90 days before the end of the three years of inactivity, that your resources will go to the global account; however, during this period the amount deposited remains yours.

The National Commission for the Protection and Defense of Users of Financial Services (Condusef) indicates that derived from article 61 of the Law of Credit Institutions, banks have the obligation to send to public charity the resources located in accounts – both checks such as savings and investments – that have not reported movement after 6 years. If this happens, the money can no longer be recovered.

Can an abandoned bank account be reactivated?

As long as six years have not passed and the money has not gone to charity, you can reactivate the account and recover the money in it, for this it is necessary to go to the bank and verify that you are the owner.

In the event of the death of the holder, it is also necessary to inform the banking institution and follow its protocols.

Does the bank charge commission for an account that is not used?

Banks continue to charge the commissions established in their contracts. However, when the three years pass and the account is considered inactive, the amount deposited goes to the global account, which even generates monthly interest but does not charge you commissions.

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