Resolution CMN No. 2303 — Regulates the Charging of Fees for Services by Financial Institutions and Other Institutions Authorized by the Central Bank of Brazil

RESOLUTION NO. 002303

Regulates the charging of fees for services provided by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4.595 of December 31, 1964, makes it public that the MONETARY COUNCIL, in a session held on July 25, 1996, considering the provisions of Article 4, item IX, of the aforementioned Law,

RESOLVES:

Art. 1. It is prohibited for financial institutions and other institutions authorized to operate by the Central Bank of Brazil to charge remuneration for the provision of the following services:

I - provision of a magnetic card or, alternatively, at the client's discretion, of a checkbook with at least 20 (twenty) sheets per month, regardless of the average balance in the checking account;

II - replacement of the magnetic card referred to in the previous item, except in cases of replacement requests made by the account holder resulting from loss, theft, damage, and other reasons not attributable to the issuing institution;

III - delivery of a cleared check, or a copy thereof, to its respective issuer, provided that it is requested within 60 (sixty) days after its clearance;

IV - issuance of documents intended for the release of guarantees of any nature;

V - return of checks by the Check Clearing and Other Papers Service - SCCOP, except for insufficient funds;

VI - maintenance of accounts:

a) savings deposit accounts;

b) accounts subject to the order of the judicial branch;

c) accounts for deposits of consignation in payment and usucapion actions created by Law No. 8.951 of December 13, 1994;

VII - provision of a monthly statement containing all movements of the month.

Sole Paragraph 1. The prohibition on charging remuneration for the maintenance of savings accounts does not apply to those:

I - whose balance is equal to or less than R$20.00 (twenty reais); and

II - that do not show records of deposits or withdrawals for a period of 6 months.

Sole Paragraph 2. In the cases referred to in Paragraph 1, the charging of remuneration may only occur after the crediting of earnings for each period, limited to the greater of the following values:

I - corresponding to 30% (thirty percent) of the balance existing in each month;

II - R$4.00 (four reais) or the existing balance, when it is lower than this value.

Sole Paragraph 3. The services mentioned in this article are of an obligatory nature, observing the operational characteristics of each type of financial institution.

Art. 2. It is mandatory to display a board in the premises of the institutions cited in the previous article, in a location visible to the public, containing:

I - a list of the charged services and their respective values;

II - the frequency of charging, when applicable;

III - information that the fee values were established by the institution itself.

Sole Paragraph 1. Only fees related to the services listed on the board may be charged.

Sole Paragraph 2. The remuneration charged for the provision of services, when debited to the account, must be clearly identified in the statement.

Sole Paragraph 3. The charging of a new fee and the increase in the value of an existing fee must be communicated to the public with at least 30 (thirty) days' advance notice.

Sole Paragraph 4. Failure to comply with the provisions of this article will subject the institution to the payment of a fine as provided in Resolution No. 2.228 of December 20, 1995.

Art. 3. The institutions mentioned in Art. 1 must send to the Central Bank of Brazil the list of charged services and their current values:

I - on the date of publication of this Resolution;

II - on the first business day of each civil quarter, even if there have been no changes in the information provided during the immediately preceding quarter.

Sole Paragraph 1. The maximum deadline of 10 (ten) business days from the dates cited in items I and II must be observed for the submission of the information.

Sole Paragraph 2. The information must be sent via conventional correspondence, until a specific transaction of the Central Bank Information System - SISBACEN is available.

Sole Paragraph 3. Failure to comply with the provisions of this article will subject the institution to the payment of a fine as provided in Resolution No. 2.194 of August 31, 1995.

Art. 4. It remains optional, in the return of checks by SCCOP, to pass on to the client the rates provided for in the current regulations.

Art. 5. The Central Bank of Brazil may issue norms and adopt measures deemed necessary for the execution of this Resolution.

Art. 6. This Resolution enters into force on the date of its publication.

Art. 7. Resolutions Nos. 1.568 of January 16, 1989, and 1.802 of March 14, 1991, item III and the sole paragraph of Art. 2, and the sole paragraph of Art. 8 of Resolution No. 2.025 of November 24, 1993, Circulars Nos. 1.230 of September 22, 1987, 1.323 of June 29, 1988, 1.769 of July 5, 1990, and 2.019 of August 15, 1991, letters "f" and "h" of item 1 of Circular No. 970 of November 21, 1985, and Art. 7 of Circular No. 2.520 of December 15, 1994, and Circular Letters Nos. 1.959 of July 13, 1989, 2.073 of April 25, 1990, 2.082 of May 4, 1990, 2.130 of December 18, 1990, 2.460 of May 26, 1994, and 2.572 of August 28, 1995, are hereby revoked.

Brasília, July 25, 1996

Gustavo Jorge Laboissière Loyola
President