Withdrawing money from an ATM can be an everyday task, but it also carries certain risks. Banks offer insurance that allows the reimbursement of stolen money.
News Colombia.
To provide greater security and peace of mind to their customers, banks offer specific insurance to protect ATM transactions.
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Insurance offered by financial institutions in Colombia provides valuable protection for those who use ATMs, mitigating the risks associated with cash withdrawals.
Evaluating the available options and selecting the insurance that best suits your needs can provide the peace of mind and security needed in these daily transactions.
According to an article in the newspaper La República, there are several entities in the market that provide this service.
What is ATM Withdrawal Insurance?
These insurance policies are designed to protect people who withdraw money from ATMs, covering property losses caused by qualified theft.
According to Banco de Bogotá, this is a policy that offers coverage against losses of withdrawn money due to acts of violence, force or intimidation.
In Colombia, several financial institutions offer this type of insurance. Among them are:
- Bank of Bogota
- BBVA
- Finandina Bank
- Falabella Insurance Agency
- World Women Bank
- Bancolombia
- Davivienda
- Scotiabank Colpatria
- agrarian Bank
- Itaú
- AV Villas
- W Bank
Insurance Details and Costs
Each bank offers different conditions and costs for its retirement insurance:
- Bank of Bogota: Coverage of up to $600,000 per transaction and $1.2 million per day, with a cost of $2,495 per withdrawal. Protects the transaction up to two hours after it is made and covers up to two events per year.
- Bancolombia: Their comprehensive plus protection insurance covers theft, improper use of the card, and offers additional protection against cancer diagnosis or accidental death. The cost is $34,990 per month.
- Davivienda: Your protected withdrawal insurance is purchased directly at the ATM, with a variable cost depending on the amount withdrawn. It covers from the moment of withdrawal in the event of theft with violence.
- BBVA: Offers protection for up to three hours after removal, at a cost of $3,350.
- Finandina Bank: Covers fraud, ATM robbery, million-dollar scams, accidental damage to purchases, and more. Coverage ranges from $250,000 to $3 million, with costs between $10,800 and $21,000 per month.
- Falabella Insurance Agency: Protects up to four credit or debit cards and the CMR Falabella card, covering ATM theft, fraud, card cloning and accidental death. The insurance costs $22,900 per month and covers up to $1.8 million per event, with a maximum of three events per year.
