From time to time, it is good to review information that we have available in the official pages of the Ecuadorian authorities.
In this case, some friends have asked me again about money insurance, in case a bank or credit union closes or goes bankrupt.
In this web pagehttps://www.cosede.gob.ec/conoce-tu-monto-de-cobertura/
You can check how much your deposits are covered in case of a “disaster”, and I say “disaster” because that is the word the Ecuadorians use to describe a bank crisis, like the one we had between 1998-2000.
Also, the government have different levels or segments, example, Banco de Loja is in segment 1 and pays a top of 32K and Cacpe is in segment 1 now (was in segment 2) and pays a top of USD 32.000,00, Jep pays a top of 32.000,00
Also, if you have 2 accounts in the same bank or credit union, and collapses for any reason, you will receive the money, of the first account, almost immediately to the top of the bank is legally to pay, and, when the liquidation process ends, the government sells all the properties and assets of the institution, etc, then, the authority will pay the amount in your second account, to the legal limit. Any questions, let me know