Resolution CMN No. 3518 — Regulates the Charging of Fees for Services by Financial Institutions and Other Entities Authorized by the Central Bank of Brazil

RESOLUTION NO. 003518

Regulates the charging of fees for services provided by financial institutions and other entities 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 public that the MONETARY NATIONAL COUNCIL, in an extraordinary session held on December 6, 2007, based on Article 4, item IX, of the aforementioned law,

RESOLVES:

Art. 1. The charging of fees for services provided by financial institutions and other entities authorized to operate by the Central Bank of Brazil must be stipulated in the contract signed between the institution and the client or have been previously authorized or requested by the client or user.

Sole Paragraph. For the purposes of this resolution:

I - the client is considered the person who has a non-sporadic business relationship with the institution, arising from a deposit contract, credit operation, or leasing contract, service provision, or financial investment;

II - services provided to individuals are classified as essential, priority, special, and differentiated;

III - reimbursement of expenses arising from services provided by third parties is not characterized as a fee, and its value may be charged if duly specified in the credit operation or leasing contract.

Art. 2. It is prohibited for the institutions referred to in Art. 1 to charge fees for the provision of essential banking services to individuals, considered to be those related to:

I - checking account for demand deposits:

a) provision of a card with debit function;

b) provision of ten check sheets per month, provided that the account holder meets the necessary requirements for the use of checks, in accordance with current regulations and agreed conditions;

c) provision of a second copy of the card referred to in item "a", 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;

d) making up to four withdrawals per month, at a cash counter, including by check or blank check, or at an automated terminal;

e) provision of up to two statements containing the month's transactions via an automated terminal;

f) making inquiries using the internet;

g) making two transfers of funds between accounts within the same institution per month, at a cash counter, at an automated terminal and/or via the internet;

h) clearing of checks;

i) provision of the statement referred to in Art. 12;

II - savings deposit account:

a) provision of a card with transaction function;

b) provision of a second copy of the card referred to in item "a", 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;

c) making up to two withdrawals per month, at a cash counter or at an automated terminal;

d) making up to two transfers to an account of the same ownership;

e) provision of up to two statements containing the month's transactions;

f) making inquiries using the internet;

g) provision of the statement referred to in Art. 12.

§ 1. The charging of fees is prohibited in demand accounts of the judiciary and for the maintenance of deposits in payment consignment as provided in Law No. 8,951, of December 13, 1994.

§ 2. Regarding the provision in the caput, item I, item "b", the financial institution may suspend the provision of new checks when:

I - twenty or more check sheets, already provided to the account holder, have not yet been cleared; or

II - at least 50% (fifty percent) of the check sheets provided to the account holder in the last three months have not been cleared.

Art. 3. Priority services for individuals, considered to be those related to deposit accounts, fund transfers, credit operations, and registration, will be defined by the Central Bank of Brazil, which will establish the standardization of names and delivery channels, identification by acronyms, and description of the respective triggering events.

Sole Paragraph. The charging of fees for individuals for the provision, within the country, of priority services is limited to the cases provided for in the caput.

Art. 4. The provisions of Arts. 2, 3, and 6 do not apply to the provision of special services, considered to be those related to rural credit, the foreign exchange market, the transfer of funds, the housing financial system, the Unemployment Insurance Fund (FGTS), the PIS/PASEP Fund, the civil pledge provided for in Decree No. 6,132, of June 22, 2007, the special accounts referred to in Resolution No. 3,211, of June 30, 2004, the registration and control accounts governed by Resolution No. 3,402, of September 6, 2006, amended by Resolution No. 3,424, of December 21, 2006, as well as microcredit operations referred to in Resolution No. 3,422, of November 30, 2006, among others, and the specific provisions contained in the respective legislation and regulation must be observed.

Art. 5. The charging of remuneration for the provision of differentiated services to individuals is admitted, provided that the conditions of use and payment are explicitly stated to the client or user, considered to be those related to:

I - signature bonus;

II - contract amendments;

III - administration of investment funds;

IV - safe deposit box rental;

V - appraisal, reappraisal, and replacement of assets received as collateral;

VI - credit card;

VII - digital certificate;

VIII - collection and delivery at home or another location;

IX - copy or second copy of receipts and documents;

X - brokerage;

XI - custody;

XII - differentiated monthly statement containing information in addition to those related to checking accounts for demand deposits and savings deposit accounts;

XIII - provision of certificates, certifications, and declarations;

XIV - agricultural auctions;

XV - automatic notification of account transactions.

Art. 6. It is mandatory to offer individuals a standardized package of priority services, the component items and quantity of events of which will be determined by the Central Bank of Brazil.

§ 1. The value charged for the standardized package of services mentioned in the caput cannot exceed the sum of the value of the individual fees that compose it, considering the fee corresponding to the delivery channel of the lowest value.

§ 2. For the purpose of the calculation referred to in § 1:

I - the proportional monthly value of the fee related to a service whose charging is not monthly must be computed;

II - the values of fees whose charging is made only once must be disregarded.

§ 3. The offering of a package of distinct services containing other services, including essential, priority, special, and differentiated services, is permitted, observing the standardization of priority services, as well as the requirement set forth in § 1.

Art. 7. Observing the prohibitions established in Art. 2, it is the prerogative of the client:

I - the use and payment for individualized services; and/or

II - the use and payment, in a non-individualized manner, of services included in a package.

Art. 8. Fees debited in a checking account for demand deposits or in a savings deposit account must be identified in the statement clearly, with the use, in the case of priority services, of the standardization referred to in Art. 3.

§ 1. The value of the debit entry regarding the charging of a fee in a savings deposit account may only occur after the crediting of earnings for each period.

§ 2. The value of the debit entry regarding the charging of a fee in a checking account for demand deposits or in a savings deposit account cannot be higher than the available balance.

Art. 9. It is mandatory to publish, in a visible location and format to the public in the premises of their establishments and in the premises of their correspondents in the country, as well as on their respective websites, the following information regarding the provision of services to individuals and legal entities and respective fees:

I - table containing the services for which the charging of fees is prohibited, in accordance with Art. 2;

II - table, in the form of Art. 3, including a list of services, delivery channels, acronym in the statement, triggering event for charging, and fee value;

III - table containing information regarding the standardized package, in the form of Art. 6;

IV - other tables of services provided by the institution;

V - clarification that the fee values were established by the institution itself.

Sole Paragraph. The start of the publication of fees in the form provided for in this resolution must occur by March 31, 2008.

Art. 10. The increase in the value of an existing fee or the establishment of a new fee must be published with at least thirty days' advance notice, and charging is permitted only for the service used after this period.

§ 1. The prices of the services referred to in Arts. 3 and 6 can only be increased after 180 days have passed since their last alteration, with their reduction permitted at any time.

§ 2. The period referred to in § 1 must be counted from the first alteration that occurs after the publication of the services and respective fees in the form provided for in this resolution.

Art. 11. The institutions referred to in Art. 1 must send to the Central Bank of Brazil, in the manner to be established by that agency, the list of fee-charging services and their respective values:

I - by March 31, 2008;

II - whenever there is an alteration, observing the provisions of Art. 10, caput, in the case of an increase.

Art. 12. The institutions referred to in Art. 1 must provide to individual clients, by February 28 of each year, starting from 2009, a consolidated statement discriminating, month by month, the fees charged in the previous year in checking accounts for demand deposits and/or in savings deposit accounts.

Art. 13. Contracts signed from the effective date of this resolution must provide for the application of the rules established by Resolution No. 2,303, of 1996, until April 29, 2008.

Art. 14. Regarding contracts signed up to the effective date of this resolution, the institutions referred to in Art. 1 must use, until April 29, 2008, the fees published in accordance with the provisions of Resolution No. 2,303, of 1996, and, from April 30, 2008, the fees established in the form of this resolution.

Art. 15. The Central Bank of Brazil is authorized to adopt the measures deemed necessary for the implementation of the provisions of this resolution.

Art. 16. This resolution enters into force on the date of its publication, producing effects from April 30, 2008, when Resolutions Nos. 2,303, of July 25, 1996, and 2,343, of December 19, 1996, Art. 2 of Resolution No. 2,747, of June 28, 2000, and item III of Art. 18 of Resolution No. 2,878, of July 26, 2001, are repealed.

Brasília, December 6, 2007.

Henrique de Campos Meirelles
President