The national payment system requires that the financial institutions where the money is located be part of it to ensure its protection. One of the ways in which the security of savings is ensured is through the Bank Deposit Insurance, under the supervision of the Institute for the Protection of Bank Savings (IPAB), created in 1999, which guarantees the protection of up to 3 million 251 thousand pesos that are in Mexican banks, according to the National Commission for the Protection and Defense of Users of Financial Services (Condusef).
The IPAB acts swiftly in the event of a bank failure, sending someone to assess the situation, determine the actions to be taken, and pay the protected deposits within a maximum of 90 calendar days following the intervention of the authorities. Payments are made through intermediary banking institutions designated by the IPAB.
Among the banks whose deposits are protected by the IPAB are Bancoppel, Azteca, BBVA, Santander, Banorte, CitiBanamex, HSBC, Scotiabank, Inverlat, Banregio, Bajío, Inbursa, Compartamos, and Afirme, according to information from the federal government. To request the return of savings from the IPAB, one must go to the institution's website, register with the required personal data, and share banking information to confirm identity.
Banking products protected by the IPAB include checking accounts, savings accounts, negotiable promissory notes payable at maturity, payroll accounts, and certificates of deposit. However, deposits made in insurers, savings banks, cooperative savings and loan societies, investment companies, development banks, and brokerage houses are not protected.
In the event that a banking institution declares bankruptcy, the IPAB takes temporary control to protect the assets and money of customers. It is important to highlight that the insurance is free and automatic, with no prior procedures required. If the savings exceed 3 million pesos, it is necessary to go to a bank branch to carry out the necessary management, this amount is updated as of June 2024.
