Circular No. 3981 — Provisions on Information Disclosure in Bank Statements for Checking Accounts with Overdraft Contracts Held by Natural Persons or Individual Micro-Entrepreneurs (MEI)

The Collegiate Board of the Central Bank of Brazil, in a session held on February 6, 2020, based on Article 9 of Law No. 4,595 of December 31, 1964, and Article 5 of Resolution No. 4,765 of November 27, 2019, and considering the provisions of Article 1 of Resolution No. 3,694 of March 26, 2009,

R E S O L V E:

Article 1. Financial institutions must prominently disclose, in the bank statement of deposit accounts held by natural persons or individual micro-entrepreneurs (MEI), the following information regarding the contracted overdraft:

I - the contracted credit limit;

II - the overdraft balance on the date the statement is provided;

III - the daily values of the overdraft used during the current interest accrual period;

IV - the value and method of calculation of any fee charged for making the credit limit available;

V - the effective monthly remuneratory interest rate; and

VI - the value of interest accumulated during the accrual period, up to the date the statement is provided, highlighting any deduction made due to the fee charged for making the limit available.

Sole Paragraph. The procedures described in the main text shall be required starting from November 1, 2020, for institutions that do not opt to charge the fee mentioned in item IV.

Article 2. Article 3 of Circular No. 2,936 of October 14, 1999, is hereby revoked.

Article 3. This Circular enters into force on June 1, 2020.

Otávio Ribeiro Damaso
Director of Regulation