Circular No. 3254 — Establishes procedures for interbank settlement of checks with a value equal to or greater than the VLB-Check, defines this value, sets the maximum deposit blocking period for these checks and provides other measures

CIRCULAR NO. 003254

Establishes procedures for interbank settlement of checks with a value equal to or greater than the VLB-Check, defines this value, sets the maximum deposit blocking period for these checks and provides other measures.

The Collegiate Board of the Central Bank of Brazil, in a session held on August 24, 2004, based on Article 11, item VI, of Law No. 4,595 of December 31, 1964, Article 10 of Law No. 10,214 of March 27, 2001, and Articles 10 and 11 of Resolution No. 2,882 of August 30, 2001,

DECIDED:

Art. 1. To establish that checks with an individual value equal to or greater than the Reference Value for Bilateral Check Settlement (VLB-Check), deposited, must be paid directly by the drawn financial institution to the receiving financial institution, for the added value, by 12:30 PM on the next business day following their presentation, except as provided in Art. 5.

§ 1. The payment referred to in the caput must be made through the Reserve Transfer System - STR, irrevocably and unconditionally.

§ 2. The presentation of checks to the drawn financial institution, characterized by their physical delivery or by the remittance of the corresponding electronic records, whichever occurs first, must be carried out on the day of their acceptance in deposit, except as provided in Art. 5.

§ 3. The provisions of this circular do not apply to:

I - checks subject to Communication of Remittance - CR, as provided for in the regulations of the Centralizer of Check and Other Paper Compensation - Compe; and

II - checks related to locations whose location makes it impossible to comply with the deadlines established in this circular.

Art. 2. In the event of deciding not to pay the check presented to it in accordance with § 2 of Art. 1, the drawn financial institution must provide this information to the receiving bank, indicating the reason for non-payment, by the time set forth in Art. 1, and, when applicable, carry out the physical return of the check observing, for this purpose, the procedures and time that may be agreed upon in accordance with Art. 7.

§ 1. For indicating the reason for non-payment, the coding provided for in the Compe regulations for check returns must be used, where applicable.

§ 2. On the back of the check, to indicate the reason for non-payment, a stamp must be affixed:

I - by the drawn financial institution, if the check was physically presented to it;

II - by the receiving financial institution, in the case of no physical remittance of the check under the provisions of Art. 2 of Circular No. 3,118 of April 18, 2002.

Art. 3. Except as provided in Art. 5, the blocking period for the deposit of the check covered by this circular may be extended, at most, until the close of the next business day following its acceptance.

Art. 4. Until interbank settlement or its physical return occurs, the drawn financial institution is responsible for the custody and preservation of the check covered by Art. 1 presented physically by the receiving financial institution.

Art. 5. The deadlines for presentation, payment, and blocking, referred to in Arts. 1 and 3, are subject to extension in situations related to holidays and contingencies.

Art. 6. Except as provided in Art. 5, liability for any damages caused to clients, depositors, or issuers, or to the counterparty financial institution, rests with:

I - the receiving financial institution, in the case of delay:

a) in presenting the check to the drawn financial institution;

b) in crediting the client-depositor's account, if timely settlement occurred by the drawn financial institution; and

II - the drawn financial institution, in the case of delay:

a) in paying the check presented in a timely manner;

b) in informing the receiving financial institution of the non-payment of the check;

c) in its physical return, when applicable.

Art. 7. Regarding the checks covered by Art. 1, commercial banks, multiple banks with commercial portfolios, and Caixa Econômica Federal shall agree among themselves, through their associations with seats on the Consultative Group for Compensation Matters, for uniform observation by all of them, among other aspects they deem necessary:

I - the procedures and time for their presentation and, when applicable, return;

II - the locations referred to in Art. 1, § 3, item II;

III - the situations referred to in Art. 5; and

IV - the manner in which proof of physical delivery of the check is made, both regarding its presentation by the receiving financial institution and its return by the drawn financial institution.

§ 1. The operational structure of Compe may be used for the presentation and return of checks.

§ 2. What is decided regarding the aspects covered by this article must be submitted for approval by the Central Bank of Brazil, within 30 (thirty) business days counted from the date of publication of this circular.

Art. 8. Also subject to the settlement system covered by this circular are adjustments related to:

I - the checks covered by Art. 1, regardless of the value of the adjustment; and

II - checks settled through Compe, if the value of the adjustment is equal to or greater than the VLB-Check.

Art. 9. The VLB-Check covered by Art. 1 is set at R$250,000.00 (two hundred and fifty thousand reais).

Art. 10. Non-compliance with the provisions of this circular subjects the financial institution to the provisions of Article 14 of the regulation annexed to Circular No. 3,100 of March 28, 2002, without prejudice to other applicable legal and regulatory provisions.

Art. 11. The Department of Banking Operations and Payment Systems - Deban is authorized to adopt the necessary measures for the execution of the provisions of this circular.

Sole Paragraph. Deban may alter, as recommended by the evolution of the payment flow through checks, the time referred to in Art. 1 of this circular.

Art. 12. This circular enters into force on February 18, 2005.

Brasília, August 31, 2004

Afonso Sant'Anna Bevilaqua Sérgio Darcy da Silva Alves Director Director