Resolution CMN No. 3695 — Procedures for Movement and Maintenance of Deposit Accounts

RESOLUTION NO. 3695

Provides for procedures regarding the movement and maintenance of deposit accounts.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on March 26, 2009, based on Article 4, item VIII, of the aforementioned law,

RESOLVES:

Art. 1 This resolution provides for procedures regarding the movement and maintenance of deposit accounts, without prejudice to the provisions contained in the regulation applicable to the matter.

Art. 2 It is prohibited to postpone cash withdrawals from demand deposit accounts of a value equal to or less than R$5,000.00 (five thousand reais), with deferral to the next business day admitted for withdrawals of a value higher than established.

Art. 3 Financial institutions are prohibited from making debits in deposit accounts without prior authorization from the client.

§ 1 The authorization referred to in the caput must be provided in writing or electronically, with a stipulated validity period, which may be indefinite, admitted its provision in the contractual instrument itself for opening the deposit account.

§ 2 The cancellation of the authorization referred to in the caput must take effect from the date defined by the client or, in their absence, from the date of receipt by the financial institution of the relevant request.

Art. 4 Financial institutions are obliged to comply with requests for cancellation of automatic debit authorizations in demand deposit accounts, presented by clients, provided they do not arise from obligations related to credit operations contracted with the financial institution itself.

Art. 5 This resolution enters into force on the date of its publication.

Brasília, March 26, 2009.

Henrique de Campos Meirelles
President