Circular No. 597 — Opening, Movement, and Closing of Demand Deposit Accounts and Registration of Issuers of Bounced Checks

CIRCULAR NO. 000597

To
Commercial Banks, Savings Banks, and Credit Cooperatives participants in the Check and Other Papers Clearing Service.

We communicate that the Board of Directors of the Central Bank decided to modify item I, subsection "h", and include subsection "i", alter item VI, the "caput" of XI, items XIII, XIV, XXI, XXV, subsection "c" of item XXVI, and item XXVII of Circular No. 559, of 29.07.80, which will henceforth have the following wording:

"I - ...

h) authorization for, when appropriate, the establishment to invalidate the microfilmed checks settled and not claimed within the period provided by current legislation;

i) warning to the customer that they must notify the bank of any change of address or telephone number;

VI - the supply of the first checkbook, for the operation of a new account, may, at the bank's discretion, be done after certifying the suitability of the depositor, obtained through registration sources, and confirming the veracity of the information contained in the application form;

XI - when the return occurs through the Check Clearing Service and Other Papers, in addition to the measures indicated in item IX, the drawee bank fills out, in three copies, the own form established by the Executive;

XIII - the second copy of the form will constitute an archive in the bank branch, in alphabetical order of the depositor, and the third copy, accompanied by the check, is intended for the remitting bank, which will deliver it to its customer. The model must contain information that the issuer of the disputed check will henceforth appear in the Register of Issuers of Bounced Checks;

XIV - each occurrence communicated in the manner of items XII and XVI subjects the drawee bank, from 02.01.81, to the payment of a service fee equivalent to 50% (fifty percent) of the highest reference value in force, rounded up, to the nearest ten cruzeiros fraction, whose collection is carried out by the Executive, through debit in its deposit account and only reimbursable from the customer if they do not appear in the Register of Issuers of Bounced Checks or in the case of inclusion by contumacy;

XXI - The Register of Issuers of Bounced Checks has only a managerial function, leaving it to the discretion of each bank to open, maintain, or close demand deposit accounts whose holder appears in it, except for the right of the Central Bank to determine the closure of an account, if it is proven that its holder has been adopting irregular practices in the use of checks;

XXV - the account opened for the credit of salary, benefits or pension, in the event that its holder appears in the Register of Issuers of Bounced Checks, may, at the bank's discretion, be operated exclusively by means of a single, nominal check, in favor of the holder themselves, or against receipt;

XXVI - ...

c) at any time, at the request of the drawee bank, provided that the customer proves to them the payment of the check that gave rise to the occurrence;

XXVII - the request for exclusion from the Register of Issuers of Bounced Checks, formulated in accordance with the provisions of subsection "c" of the previous item, subjects the interested party to the payment of a service fee to the drawee bank, corresponding to 50% (fifty percent) of the highest reference value in force, per occurrence, rounded up, to the nearest ten cruzeiros fraction;"

2. We also communicate that item
   XXXI has been added to the Circular, with the following wording:

"XXXI - the drawee bank may not charge the customer the service fee provided for in item XXVII if it has already been reimbursed, in accordance with item XIV, for the same occurrence."

Brasilia-DF, December 31, 1980

Antonio Chagas Meirelles
Director