Probably in some moments you wonder how safe your savings are when you put them in the financial system. If so, reading this article may clarify your doubt.
What is the Institute for the Protection of Bank Savings?
If you have a bank account, either in a checkbook or a debit card, promissory note or traditional account, the Institute for Bank Savings Protection (IPAB), through its Deposit Insurance is responsible for protecting your money deposited in any of the banks that operate in Mexico. This is possible thanks to the coverage you get for free and automatically when you open your account.
Deposit Insurance covers about 99% of all savings accounts in Mexican banks, that is, all savers who have an account in the Mexican banking system.
The banks are obliged to make known which are the products that are guaranteed and which are mainly the products in sight and in installments, as well as promissory notes with certain characteristics.
How much does IPAB Deposit Insurance protect you?
It is important to know that in the remote case that a bank faced solvency problems, in our country we have the Deposit Insurance administered by the IPAB, which, based on international best practices, offers certainty to the banking users that Your money is safe and you will receive it in the shortest possible time.
Deposit Insurance protection is free and automatic, simply by depositing your money in the bank.
So how safe are your savings?
What is the purpose of all these measures? Of course, the protection of depositors’ money. But not only that: also to promote trust among the population to favor the culture of savings and protection within well-established and regulated financial institutions.
Because that should be highlighted. The IPAB is effective in bank savings accounts and, for now, only there, among banks recognized and regulated by the authorities.