Circular Letter No. 3349 — Clarifies Provisions of Resolutions Nos. 3,516 and 3,518 and Circular No. 3,371, All from 2007

CIRCULAR LETTER NO. 003349

Clarifies Provisions of Resolutions Nos. 3,516 and 3,518 and Circular No. 3,371, All from 2007.

In view of doubts raised by financial market institutions regarding the provisions of Resolutions Nos. 3,516 and 3,518 and Circular No. 3,371, all dated December 6, 2007, we clarify that:

I - considering that the Selic Rate is expressed in annual form, as per Circular No. 2,761 of June 18, 1997, the discount rate referred to in Resolution No. 3,516 of 2007 must be calculated on an annual basis;

II - the number of free monthly checks must be considered for each deposit account, regardless of the number of holders;

III - the registration renewal fee may only be charged when there is an actual provision of the service, and cannot be charged merely due to the passage of time;

IV - the number of cards to be provided to deposit account holders must be stipulated in the contract signed between the institution and the clients, prohibiting the charging of a fee for the provision of cards, as provided in Article 2 of Resolution No. 3,518 of 2007;

V - the bank collection service, carried out through the use of collection slips/boletos, as contained in Circular No. 3,255 of August 31, 2004:

a) is characterized as a "special service," in accordance with Article 4 of Resolution No. 3,518 of 2007;

b) does not fall among the services subject to charging the debtor, as a fee or reimbursement of expenses, in accordance with Resolution No. 3,518 of 2007, as it constitutes a service provided to the assignor/drawer;

VI - in the disclosure of the service package referred to in Article 9, items III and IV, of Resolution No. 3,518 of 2007, taking into account the provisions of Articles 6, paragraph 3, and 7 of the same regulation, the information necessary for comparison between the value of the package and the sum of the prices of each service that comprises it must be explicitly stated, such as the services for which no fees are charged, or whose charging is prohibited, the total number of events allowed per service, and the number of free events.

Brasília, October 31, 2008.

Department of Standards of the Financial System

Amaro Luiz de Oliveira Gomes
Head