Resolution CMN No. 4639 — Amends Resolution No. 3,402 of September 6, 2006 Regarding the Provision of Payment Services for Salaries, Pensions, and Similar Benefits Without Charging Fees

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 February 22, 2018, based on Article 4, item VIII, of the aforementioned Law,

R E S O L V E S:

Art. 1 Resolution No. 3,402 of September 6, 2006, shall enter into force with the following alterations:

“Art. 2 ........................................................

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II - the contracted institution must:

a) inform the beneficiary, by any available means of communication, regarding the opening of the registration account, clarifying, at a minimum, the concept, the characteristics, the basic rules for moving funds, the situations that justify the charging of fees, as well as regarding the option referred to in item “b”; and

b) ensure the option to transfer, with same-day availability, the credits to a deposit account or a prepaid payment account owned by the beneficiaries, within the same institution or in another authorized to operate by the Central Bank of Brazil, observing the provisions of Article 2-A.

............................................................” (New)

“Art. 2-A For the purposes of the provision in item “b” of item II of the main body of Article 2, the indication of the account to be credited must be the subject of communication by the beneficiary to the contracted institution, on a permanent instruction basis.

§ 1 The communication may be carried out through the recipient institution, through an unequivocal manifestation of will by the beneficiary, capable of being proven.

§ 2 Acceptance of the communication by the contracted institution is mandatory within a maximum period of five business days, counted from the date of its receipt.

§ 3 The communication provided for in this article:

I - may be carried out in writing or electronically; and

II - must be kept available to the Central Bank of Brazil for a minimum period of five years after the date of closure of the account referred to in Article 1.” (New)

Art. 2 The following are repealed:

I - § 2 of Article 2 and Article 3 of Resolution No. 3,402 of 2006; and

II - Article 3 of Resolution No. 3,424 of December 21, 2006.

Art. 3 This Resolution enters into force on July 1, 2018.

                Ilan Goldfajn  
                 President of the Central Bank of Brazil