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Decision No. 3919 of the Central Bank of Brazil (BC) – standardizing rules for charging fees for the provision of services by financial institutions – was published in 2010, but has now only gained network repercussions.
The movement was accompanied by a post by Natalia Rodríguez de Oliveira, producer specializing in finance and member of the Economic, Social and Sustainable Development Board of President Luiz Inacio Lula da Silva (PT), known online as Nath Finance.
In her post, Natalia explains BC’s decision and informs her followers to request a refund of fees associated with the current account.
In this report, you will understand:
- What does the central bank’s decision say?
- Services deemed essential and prohibited by BC
- What are consumer rights and duties of financial institutions?
- How to request a fee waiver and what to do if the banks refuse to refund the amount
- What does the central bank say on the subject
- What do the banks say
What does the central bank’s decision say?
The BC Rule deals with a series of services offered by financial institutions. In addition to those described as basic and for which fees are prohibited (see more below)The main services covered by the decision are:
- priority services – those related to deposit accounts, money transfers, credit and leasing operations;
- Special services – those whose legislation and regulations establish the rates and conditions under which they apply, such as services related to rural credit, the Financial Housing System (SFH) and FGTS, for example;
- premium services – those related to the subscription fee; amending contracts; managing investment funds; secure rental; authentication and escrow; evaluation, reassessment and replacement of goods received as collateral; exchange; charging and reloading of the prepaid card, as defined by current regulations, to be charged to the contract holder; A differentiated credit card is a digital certificate, among others.
In addition, the resolution also stipulates that the charging of fees for the provision of services by financial institutions must be “provided in the contract” or have been previously authorized or requested by the customer or user.
Services deemed essential and prohibited by BC
According to the decision, more than ten services provided by financial institutions are considered essential and have definitions prohibited by the Monetary Authority.
Among the free services that banks should provide for checking accounts are:
- provide a card with a debit function;
- provide a duplicate of the debit card, except in cases where the request is due to loss, theft, damage, or other reasons that are not the responsibility of the institution;
- up to four withdrawals per month, including by one or more checks;
- make up to two money transfers per month between the accounts of the same organization;
- Supply of up to two extracts per month, containing movement of the last 30 days;
- making inquiries on the Internet;
- provide a consolidated statement, to be filed annually, indicating the amounts charged in fees, interest, late payment fees, penalties and other expenses incurred on credit and leasing operations;
- Check clearing
- Supply of up to 10 check sheets per month, provided the account holder has the necessary requirements for use; that it
- Providing any service by electronic means, in the case of accounts that can only be used exclusively by such means.
Among the free services that must be provided for savings accounts:
- supply card with movement function;
- provide a duplicate of the card, except in cases where the request is due to loss, theft, damage, or other reasons that are not the responsibility of the institution;
- up to 2 withdrawals per month;
- up to two transfers per month to a deposit account of the same holding;
- saving up to two statements per month containing the movement of the last 30 days;
- making inquiries on the Internet;
- provide a consolidated statement, to be filed annually, indicating the amounts charged in fees, interest, late payment fees, penalties and other expenses incurred on credit and leasing operations; that it
- Providing any service by electronic means, in the case of accounts that can only be used exclusively by such means.
It is worth mentioning that Banks may be charged fees for using these services outside the limits set by the Central Bank.
What are consumer rights and duties of financial institutions
According to Stephanie Christine de Almeida, attorney at Poliszezuk Advogados, the first requirement reserved for financial institutions is clear and transparent communication of the services provided and the associated fees.
“In addition, when a client opens a current account, the bank also needs to inform him that there is a free basic package, inform the values of other packages and the conditions under which the fee will be applied,” says the specialist.
It is the lack of this exact information when opening the account that ends up interfering with the rights of the consumer.
According to Almeida, this right is protected by Section 14 of the Consumer Protection Act (CDC), which states that A service provider who responds, regardless of fault, to repair damage to consumers as a result of insufficient or insufficient information.
“In the case of the specified bank charges, the damage caused did not indicate the possibility of obtaining the same service for free,” says the lawyer, and reiterates that in these cases the consumer has the right to claim compensation up to five years.
He adds: “If a person discovered in June 2023 that he was paying for a service that was also provided free of charge, he can request a refund of the amounts paid since June 2018.”
How to request a fee waiver and what to do if the banks refuse to refund the amount
In a note, Banco do Brasil, Bradesco, Itaú and Santander all reported this You can join or migrate to the free basic package of services through digital or physical channelsAt any time. The institutions also highlighted that requests for reimbursement are evaluated on a case-by-case basis (see more below).
The lawyer at Poliszezuk Advogados also warns that if a customer is due for payment and the bank refuses to refund or return only part of the amount owed, it is possible to file a formal complaint with the Central Bank.
The central bank is responsible for supervising these financial institutions, and in these cases it is up to an administrative complaint to the monetary authority. But even if the complaint is not settled by the institution yet, the approach is to file a lawsuit,” he adds.
See the step-by-step process for filing a complaint with BC:
- arrive to Municipal website;
- Click on the “My BC” link located in the “Services” section;
- Select the option “Complaint against banks and other financial institutions”;
- Click on the “Complaint Registration” tab;
- Log in with your account Gov.br (If you don’t have one, see how to do it here);
- Fill in the information and submit the form.
What does the central bank say on the subject
The Central Bank stated in a note that opening and maintaining a relationship with the financial institution is a decision of the customers and the bank, and in this sense, this relationship is governed by the CDC.
The municipality also reiterated the right of customers to some free services, stressing that “depending on the use they intend to give to the account, the customer can choose to contract a set of services, in order to reduce the total cost of use.”
Also in accordance with the Basel Convention, the customer may, at any time, terminate the contract for the package of services, and return to the previous situation, i.e. to access the basic package of services free of charge and bear the charges for any use of the above. Quantities determined by Resolution No. 3919.
“If, for any reason, a client feels distressed in this relationship — for example, because of an unjustified charge or fee package — they can contact the organization directly (the SAC and Ombudsman) and request a refund. If the issue is not resolved, they can seek the services of an adjudicator.” Or Consumer Protection (Procon and Consumer.gov.br) A complaint can also be registered with the Central Bank.
What do the banks say
On a note, Banco do Brasil stated that it operates with solutions with the best cost-benefit ratio and confirmed that it complies with all legislation as well as Central Bank regulations on the subject.
“It should be noted that contracting for tariff packages and/or modifying them is done only upon acceptance and knowledge of the customer,” the bank said, stressing that its customers are aware of all package options and services at the time of opening. the account.
BB also stated that “the payment of fees occurs in specific cases and the bank evaluates the application on a case-by-case basis.”
On the other hand, Bradesco said it has always valued the transparency and adequacy of its procedures to current regulations. “Free basic services, as provided by current regulations, are available to all Bradesco customers who can choose them at any time through various channels,” he said in a note.
Itaú, in turn, claimed that it offers several options for checking account fee packages and that those that are paid are “bundled to offer the most frequently used services at an attractive cost to customers”.
The bank also stated that it offers free basic services to customers who use the current account in a simplified way, noting that “it is important for the customer to evaluate his needs before choosing a more complete package or free services.”
Itaú also confirmed that customers are made aware of all package and service options, including free basics, when opening an account, and said that “the option will be reflected in the contract with express acceptance by the customers.”
“It is important to stress that reimbursement of fees already paid is an exception and assessed individually, after detailed verification of the customer’s contract history, their commitment, and express formal acceptance. Therefore, reimbursement is not linked to commitment to free basic services, where the customer has chosen to change the previously contracted package Foundation added.
Finally, Santander said that it “always offers the basic package of services for free to individuals, […] But he advises customers to choose the options that make the most sense for their daily needs.”
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