The Financial Superintendency of Colombia is the entity in charge of setting the maximum amount for savings accounts that can be seized annually. The embargo is a precautionary measure that falls on the assets of a debtor who has not fulfilled an obligation or who owes something to a creditor. Users of financial institutions that have a savings or current bank account may be seized for unfulfilled debts or obligations.
The embargo is used to guarantee the payment of the obligation within the executive civil processes, it is a temporary and preventive measure, and its purpose is to affect or freeze the sums of money existing in the debtor’s bank accounts. The only authorities that are authorized by law to order a seizure of an account are labor, civil or family judges, depending on the type of obligation being dealt with; also the Dian; transit authorities; and the governments and municipalities for tax debts, such as vehicle, property, industry and commerce, among others.
There is a difference in garnishment orders for savings and checking accounts. The embargo of savings accounts is subject to a limit that the law considers unattachable and that is set annually by the Superintendency of Finance. For this year, the non-seizable amount of savings accounts is $44.6 million ($44,614,977), according to circular letter 58 of 2022 issued by the Financial Superintendency. It increased 11.5% compared to the maximum amount of 2022, of $39.9 million ($39,977,578).
This means that if you have less than $44 million in your savings account, it cannot be seized, but if you have $70 million, only $25.3 million ($25,385,023) could be seized, taking into account the excluded amount. However, there is an exception to that minimum attachable. If the debt is for a support obligation, either for minor children or those who are studying and are under 25 years of age, this minimum amount cannot be applied and any balance in the savings account may be seized.
This limit of non-seizure does not apply to savings accounts of legal persons or to checking accounts, whether of a company or a natural person.
In addition, the current legal minimum wage cannot be seized, according to the Substantive Labor Code. Only people who earn more than the minimum and only up to a fifth of that salary can be seized. This means that if you earn $3 million a month, your salary would be $1.84 million above the minimum wage set for this year of $1.16 million, so the amount that can be attached is $368,000.