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Multiva term deposits


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Understand one thing.... their higher-rate offerings are (1) NOT covered by IPAB (similar to Canadian or American bank deposit insurance)  (2) commissions and Mexican taxes will be involved, and (3) there are some otehr interesting things that will apply including minimum balances etc. ( No idea if what you're looking at falls into this category.)

Look at one of your monthly statements  are read ALL of the fine print on ALL pges.... or get someone to read for you if Spanish is a problem.  That way no surprises or disappointments.  No personal experience with them.... but I translated such for a lady who learned things were NOT as she expected.

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On 11/6/2022 at 12:38 PM, Natasha said:

Understand one thing.... their higher-rate offerings are (1) NOT covered by IPAB (similar to Canadian or American bank deposit insurance)  (2) commissions and Mexican taxes will be involved, and (3) there are some otehr interesting things that will apply including minimum balances etc. ( No idea if what you're looking at falls into this category.)

Look at one of your monthly statements  are read ALL of the fine print on ALL pges.... or get someone to read for you if Spanish is a problem.  That way no surprises or disappointments.  No personal experience with them.... but I translated such for a lady who learned things were NOT as she expected.

We asked our advisor at Multiva if MX has something equivalent to FDIC and he said yes, but I don’t remember the name now.

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55 minutes ago, Natasha said:

IPAB       limited to certain instruments, and covers up to $400,000 pesos   In the case of co-owners of the account, still only up to $400,000

I may be incorrect but I believe the insurance is for 400,000 investment currency units (UDIs) which fluctuate in value but are currently valued at 7.6 so if I am correct a deposit of about 3 million pesos is covered. 

https://www.banxico.org.mx/SieInternet/consultarDirectorioInternetAction.do?accion=consultarCuadro&idCuadro=CP150&locale=en 

https://www.gob.mx/ipab/articulos/informacion-para-el-publico-ahorrador-de-accendo-banco?idiom=es

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You're right Tim  Truthfully I don't really understand exactly what a UDI is and how the value is determined even tho' I just spent some time on gov't web sites and asking my friend Mr. Google.  I do know the coverage extends to full service banks   and I truly have no idea if Multiva falls into that category or not, on any level.

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