If you have a bank account that you haven’t used in a long time, be prepared. This Friday, September 20th, there will be a mass cancellation of bank accounts. Below, we will inform you about which account holders and which bank will be impacted by this decision.
Beware of contactless cards; this fraud can steal your money
Which bank accounts will be closed?
BBVA Mexico is set to close accounts that have been inactive for a certain period starting this Friday, September 20. This measure aims to implement a stricter approach to security and operational efficiency.
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The bank has released a list of cards that will be canceled, giving customers the opportunity to settle their bills before the deadline.
While this decision has raised concerns among users, BBVA has assured affected customers that they can open new accounts without complications as long as they maintain regular activity in them.
Why did BBVA make this decision?
The closure of inactive accounts is part of BBVA’s strategy to reduce risks associated with accounts that lack activity.
Inactive accounts can become attractive targets for fraudulent activities. Additionally, the absence of activity may suggest that the account holder is no longer monitoring transactions, increasing the chance of unauthorized fund use.
Therefore, this measure aims to ensure that all circulating funds are under active supervision, significantly lowering the risk of fraud.
It also aims to enhance operational efficiency. Inactive accounts consume resources and space, and closing them enables a more efficient servicing of active accounts.
Especial
List of credit cards that will be cancelled as of September 20
BBVA has published a detailed list of debit cards that will be cancelled starting September 20. The affected cards include:
- My Pantry Booklet
- BP Link Card Membership
- BBVA SME Teacher Booklet 2.0
- Premium Personal Solution Booklet
- BBVA Contigo Payment Card
- Private Teacher Money Transfers
- Express Account Dollar Booklet
What does the law say about the cancellation of bank accounts?
The Credit Institutions Law states in Article 61 that banks are required to send to charity the funds that are in checking and savings accounts that have not reported any movements in more than 6 years.
If an account remains inactive for three years, it is transferred to a “global account.” If it continues to show no movements for another three years, it is transferred to charity, provided the balance is equal to or less than 300 minimum wages.
Due to this law, both the money and the bank account become unrecoverable once cancelled.
How to avoid having your bank account cancelled?
To keep your account active, you must make withdrawals, transfers, or deposits of any amount, by any means.
The amounts can be as little as one peso or even cents.
Now that you are informed about the cancellation of bank accounts, you may also be interested in Bank Transfers: What is the maximum amount you can transfer?
Do you have a bank account and haven’t used it for a long time? Then get ready, this Friday, September 20th there will be mass cancellation of bank accounts. Below we will tell you which account holders and which bank will be affected by this measure.
Beware of contactless cards, this fraud can steal your money
Which bank accounts will be closed?
BBVA Mexico is preparing to remove bank accounts that have been inactive for a certain period of time this Friday, September 20. This measure will seek to implement a more rigorous approach to security and operational efficiency.
We recommend this video
The bank has published a list of cards that will be cancelled, offering customers a chance to adjust their bills before the deadline arrives.
Although this action caused some concern among users, BBVA assured that affected customers will be able to open new accounts without further complications, as long as they maintain continuous activity in them.
Why did BBVA make this decision?
The closure of inactive accounts is part of a BBVA strategy to mitigate the risks associated with the lack of activity in bank accounts. Accounts that remain inactive can become an attractive target for fraudulent activity. Moreover, inaction could indicate that the account holder is not monitoring transactions, which raises the risk of unauthorized fund usage.
This measure aims to ensure that all funds in circulation are under active monitoring, significantly reducing the possibility of fraud. Additionally, closing inactive accounts improves operational efficiency, as they occupy resources and space that could be better utilized for servicing active accounts.
List of credit cards that will be cancelled as of September 20
BBVA has published a detailed list of debit cards that will be cancelled starting September 20. The affected cards include:
- My Pantry Booklet
- BP Link Card Membership
- BBVA SME Teacher Booklet 2.0
- Premium Personal Solution Booklet
- BBVA Contigo Payment Card
- Private Teacher Money Transfers
- Express Account Dollar Booklet
What does the law say about the cancellation of bank accounts?
The Credit Institutions Law stipulates in its Article 61 that banks are required to send to charity the funds that are in checking and savings accounts that have not reported any movements in more than 6 years.
If the account does not show any movements for 3 years, they are transferred to the “global account”. If the account continues without any movements for 3 more years, they are handed over to charity, provided the balance is equal to or less than 300 minimum wages.
Due to this law, funds and bank accounts cannot be recovered once they have been cancelled.
How to avoid having your bank account cancelled?
To avoid cancellation, you must ensure your account remains active. This can be achieved by making withdrawals, transfers, or deposits, in any amount, by any means. Even transactions as little as one peso or cents can keep your account active.
Benefits of Keeping Your Bank Account Active
Maintaining an active bank account not only prevents cancellation but also offers several advantages:
- Access to Banking Services: Active accounts provide access to essential banking services such as loans, credit products, and investment opportunities.
- Credit Score Improvement: Utilizing your bank account responsibly helps improve credit scores over time.
- Fraud Protection: Regular monitoring of your account boosts your chances of identifying and preventing potential fraud early.
- Financial Planning: Keeping your account active facilitates better budgeting and financial planning since you can track your spending and savings more effectively.
Practical Tips to Stay Ahead
Here are some simple steps that will keep your bank account active and in good standing:
- Set up automatic transfers or payments to ensure consistent activity.
- Monitor your account regularly to identify any unusual transactions.
- Utilize online banking tools to manage your finances efficiently.
- Consider using your account for regular expenses, even small ones, like groceries or subscriptions.
- Emergency fund deposits can also keep your account in good standing.
Summary of Key Points
| Aspect | Details |
|---|---|
| Bank Affected | BBVA Mexico |
| Cancellation Date | September 20 |
| Inactive Account Period | 3 years without movements |
| Legal Reference | Article 61, Credit Institutions Law |
| Affected Card Types | Debit and credit cards with no activity |
Now that you know about the cancellation of bank accounts, you may be interested in further reading on Bank Transfers: What is the maximum amount you can transfer?
