Key aspects of the law regarding abandoned bank accounts
Examine the highlights of the abandoned bank account law change that was passed by the Chamber of Deputies and the Law of Credit Institutions.
The Chamber of Deputies reformed the Law of Credit Institutions, which establishes that abandoned bank accounts or those with more than three years without movements are considered abandoned. These are some key points to understand the initiative. The legislators voted with 483 votes in favor and one abstention for the reforms to Article 61 of the Law of Credit Institutions.
The initiative was proposed by the Morena bench and did not obtain the administrative procedures to go to the plenary. Although, in the Senate, Ricardo Monreal assured us that this bill would not be rushed through, it will be thoroughly scrutinized in commissions and in plenary.
What does the law on abandoned bank accounts propose?
The Law of Credit Institutions says that the government can take money from bank accounts that haven't been used in more than six years. This is done to protect people's money.
The law on abandoned bank accounts states that if there is no activity or claim for three years, it will be transferred to a global account where it will remain for three more years, and if it is not claimed, it will be under the control of the government.
Where will the money from the abandoned bank accounts go?
According to legislators, there are at least 75 billion unclaimed pesos that could be used mainly for security issues.
40% would go to the federation.
30% for the federal entities.
25% for Mexico City's mayor's offices and municipalities.
The initiative would affect people who seek to make long-term savings in banking institutions, and this law on abandoned bank accounts will be for all people who are account holders, even if they have the status of missing persons.
