Have you considered what would happen to your money if you bankrupt the financial institution where you have it saved? However, it is best to be cautious. Yes, it is very difficult to have a financial bankruptcy. We are not immune to crises and sometime could happen either through mismanagement because the financial situation the country is going through a bad time. That’s why it’s important to be clear on how you can protect your savings or investments and what you can do in any given case.
But do not worry, you will not have to allocate another part of your income to pay for insurance that will back your money. To that end, a state entity was assigned the task of helping to protect its deposits. Fund of Guarantees of Financial Institutions is the financial authority attached to the Ministry of Finance and Public Credit that is part of The Security Network of the Colombian Financial System. This entity aims to protect the savings of citizens deposited in different financial institutions. Continue reading “Everything you need to know about insurance”