ATM Insurance: What It Covers and When It Works in Colombia
In Colombia, withdrawing cash remains a daily practice, even in the age of digital payments.
TL;DR
- Cash withdrawal remains a common practice in Colombia, despite the rise of digital payments.
- Banks in Colombia offer insurance policies to protect cash withdrawn from ATMs against violent robbery.
- These insurance policies are immediate and short-term, typically valid for 2-3 hours after the withdrawal.
- Examples include Davivienda's "Seguro Retiros en Cajeros" (up to $2,000,000), BBVA's "Seguro Hurto ATM" (up to $1,500,000), and Bancolombia's "Retiro Protegido."
- Exclusions include losses due to carelessness, simple misplacement, electronic fraud, disturbances, or non-violent theft.
- The decision to opt for this insurance depends on the amount withdrawn and the perceived risk level.
- The insurance is not mandatory or universal but serves as a tool for critical moments.