Inactive Account = Lost Account part 2
If accounts are dormant, lending institutions will pay out the funds to a public welfare/charity. This is a situation that should not be ignored - therefore, upon the demise of the account holder, as beneficiary it is important to claim payment of the capital deposited in the accounts. Nevertheless, in order for the above to happen, the account must be dormant for more than six years and is divided into two phases.
In the first phase, after three years the bank gives notice to the account holder by sending such notice to his/her domicile 90 days prior to the funds being transferred to a Bank cuenta concentradora(concentration or centralizing account). Should there be no response to such notice and another three years are allowed to transpire from the date the funds were deposited into the cuenta concentradora, and without these funds being claimed or being dormant, the money shall be paid out to the public welfare/charity, provided such funds do not exceed an amount equivalent to 300 days’ legal minimum wage in the Federal District (Article 61 of the Credit Institutions Act, or its acronym LIC, in Spanish).
Source: http://www.idconline.com.mx/
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