Benefits for Releasing Funds From Savings Accounts
Note: this article was originally published in 2021 with the caps in effect for that period (October 2021 – September 2022). These amounts are updated annually; contact us for the current figure.
In a circular letter, the Financial Superintendency notified legal representatives and statutory auditors of banks and Specialized Electronic Payment and Deposit Companies (SEDPE) of the updated amounts for exemption from seizure and exemption from a succession proceeding when releasing funds. The limits below applied from October 1, 2021 to September 30, 2022.
- EXEMPTION FROM SEIZURE: Of the sums deposited in savings accounts and in the deposits referred to in article 2.1.15.1.1 of Decree 2555 of 2010, up to thirty-nine million, nine hundred seventy-seven thousand, five hundred seventy-eight pesos ($39,977,578 COP). If you have a savings account — including payroll accounts — with less than that amount, it cannot be seized. Anything above that amount, however, can be.
Exception: this seizure-exempt amount has one exception — it doesn't apply in child- or family-support collection proceedings, since there's special protection for support payments and the recipient's minimum living needs, as is the case with parents who fail to support their children (though it can also run the other way), or between spouses or common-law partners.
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It's clear that financial institutions overseen by the Colombian Financial Superintendency have a duty to cooperate with the justice system, immediately complying with orders received regarding customers' deposits, without resisting compliance — without prejudice to the procedure they must follow when a seizure order is issued over exempt assets.
- RELEASE WITHOUT A SUCCESSION PROCEEDING: Sums deposited in savings accounts, checking accounts, any other deposit, and funds represented by term deposit certificates and cashier's checks can be released directly to the surviving spouse, common-law partner, or heirs — either jointly or individually — without a succession proceeding, up to sixty-six million, six hundred twenty-nine thousand, two hundred ninety pesos ($66,629,290 COP).
Source: Circular Letter 059 of October 6, 2021 – Financial Superintendency.
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