Circular No. 3335 — Establishes the Special Credit Transfer, Provides for Its Interbank Settlement and the Interbank Settlement of the Available Electronic Transfer and Credit Document, and Regarding the Timing of Credit of Funds in the Beneficiary's Account

CIRCULAR NO. 003335

Establishes the Special Credit Transfer, provides for its interbank settlement and the interbank settlement of the Available Electronic Transfer and Credit Document, as well as regarding the timing of the credit of funds in the beneficiary's account.

The Collegiate Board of the Central Bank of Brazil, in a session held on December 13, 2006, based on Article 10 of Law 10,214, of March 27, 2001, and Article 11 of Resolution 2,882, of August 30, 2001, and considering Articles 3, item VII, and 4 of Resolution 2,882, of 2001,

DECIDED:

Article 1. The Special Credit Transfer - TEC is hereby established, consisting of a fund transfer order given by an individual or legal entity to a financial institution so that it may carry out a set of credit transfers, which are destined to individuals or legal entities who are clients of other financial institutions.

§ 1. The parties to a TEC are:

I - the sender: the person who orders the credit transfers;

II - the sending financial institution: the institution that receives the order from the sender and through which the credit transfers are initiated;

III - the receiving financial institutions: institutions through which the credit transfers are completed; and

IV - the beneficiaries: the persons to whom the credit transfers are destined.

§ 2. The maximum value of each credit transfer executed via TEC is R$4,999.99 (four thousand, nine hundred and ninety-nine reais and ninety-nine centavos).

§ 3. The use of TEC for the execution of a single credit transfer is permitted.

§ 4. The TEC may be issued directly by a financial institution to make credit transfers in its own name or, within the scope of a payment services provision contract, in the name of third parties.

§ 5. The sender and each of the beneficiaries of a TEC must be identified by name or corporate name, as well as by the corresponding registration number in the Individual Taxpayer Registry - CPF or the National Registry of Legal Entities - CNPJ, both from the Ministry of Finance.

Article 2. Subject to the provisions of Article 4, the funds transferred through the Available Electronic Transfer - TED, as provided in Circular 3,115, of April 18, 2002, the Credit Document - DOC, as provided in Circular 3,224, of February 12, 2004, and the TEC, must be credited to the beneficiary in, at most, sixty minutes after the corresponding interbank settlement.

Sole Paragraph. The time limit referred to in the main text does not apply to the situation in which the receiving financial institution, in the form of a legally and regularly supported payment services provision contract, is authorized to transfer the funds to it at a later time than receipt.

Article 3. Interbank settlement must be carried out:

I - in the cases of TED and TEC, on the same day that the debit is made in the sender's account; and

II - in the case of DOC, on the next business day after the debit in the sender's account.

§ 1. Subject to the provisions of Article 4, the TED must be submitted to the settlement system in, at most, thirty minutes after the moment the debit is made in the sender's account, for immediate settlement in accordance with the relevant regulation.

§ 2. The interbank settlement time limits, referred to in items I and II, as well as the time limit referred to in § 1, must be considered in relation to the start of banking business hours on the day of payment execution, when the fund transfer order is used by a financial institution to make payment on behalf of a third party and, according to the relevant payment services provision contract, does not imply an immediate debit in the service provider's account.

§ 3. For the purposes of the provision in paragraph 2, the banking business hours of the location where the service-contracting agency is located must be considered.

Article 4. Regarding each credit transfer and regardless of the fund transfer order used, the sending financial institution and the receiving financial institution may, based on the circumstances of each case, fail to observe, for the strictly necessary time, the time limits prescribed by Article 2 and by § 1 of Article 3, with the objective of adopting the legal and regulatory measures related to the assessment of indications of irregularity.

Article 5. The procedures for processing and settling the TEC will be established by financial institutions, through their associations with national scope.

Sole Paragraph. The regulation referred to in the main text should be formalized, preferably, in an amendment to the convention referred to in Article 7 of Circular 3,254 and Article 8 of Circular 3,255, both dated August 31, 2004, and submitted to the approval of the Central Bank of Brazil within a maximum period of thirty days counted from the publication of this Circular.

Article 6. This circular enters into force on the date of its publication, producing effects, regarding the time limits referred to in Article 2 and § 1 of Article 3, from February 1, 2007.

Brasília, December 14, 2006.

Rodrigo Telles da Rocha Azevedo
Director