Understanding Infonavit and Its Subaccount for Housing
Infonavit, the National Fund for Workers’ Housing, is a Mexican government-run housing fund that offers loans to workers for purchasing, constructing, or improving their homes. A crucial aspect of Infonavit is the Subaccount for Housing, which accumulates savings from both employee and employer contributions. These contributions amount to 5% of the integrated salary, generating monthly returns.
Common Misconceptions and Fraudulent Schemes
A common misconception is that the savings generated through Infonavit can be withdrawn at any time for personal use, such as vacations. This is false. Scammers, or “coyotes,” promise to extract your savings in cash for a fee, which is a fraudulent act. They request personal information and false promises to manage “unemployment insurance” or credit lines, which are also scams.
How to Protect Yourself
- Regularly check your balance and transactions under “Mi Cuenta Infonavit” by navigating to “Cuánto ahorro tengo” and “Resumen de movimientos.”
- Never share your Security Social Number, password, or personal information with third parties.
- Be cautious of individuals charging for free services, as registration, credit requests, insurance, and refund processes are available without cost.
- If you suspect fraud, contact Infonatel (800 008 3900), report it via email, or visit an Infonavit service center.
Why You Cannot Use Your Savings Immediately
Your savings are disbursed when you retire or access a housing credit. The purpose of the savings is to build wealth, not cover immediate expenses like vacations. Your savings are protected and intended for financing your housing or retirement, so do not let deceptive promises jeopardize them. Regularly review your statements, avoid intermediaries, and consult official Infonavit channels for any doubts.
Key Questions and Answers
- What is Infonavit? Infonavit is a Mexican government-run housing fund that offers loans to workers for purchasing, constructing, or improving their homes.
- What is the Subaccount for Housing? The Subaccount for Housing accumulates savings from both employee and employer contributions, amounting to 5% of the integrated salary, generating monthly returns.
- Can I withdraw my savings for personal use? No, your savings can only be used for housing or retirement purposes; they cannot be withdrawn for immediate personal expenses like vacations.
- What are some common fraudulent schemes? Scammers, or “coyotes,” promise to extract your savings in cash for a fee, request personal information and false promises to manage “unemployment insurance” or credit lines, which are all scams.
- How can I protect my Infonavit savings? Regularly check your balance and transactions, never share personal information with third parties, be cautious of individuals charging for free services, and consult official Infonavit channels for any doubts.
