The extrajudicial liquidation of Banco Master, decided this Tuesday (18) by the Central Bank (BC)left doubts among investors. What is the situation of those who were account holders or have Bank Deposit Certificates (CDBs) issued by the institution?
The answer depends on the volume invested and the type of investor. Individuals and companies will be treated differently when redeeming amounts. Amounts of up to R$250,000 per Individual Taxpayer Registry (CPF) or National Legal Entity Registry (CNPJ) will be paid by the Credit Guarantee Fund (FGC), private entity formed by contributions from financial institutions to cover possible losses.
Coverage follows the limit of R$250 thousand per CPF or CNPJ, per financial conglomerate. The value includes the amount invested and the income accumulated until the settlement date.
This way, anyone who has up to R$250,000 in investments at Banco Master will receive the entire amount invested back. If the account holder has R$270,000, for example, he will receive the R$250,000 via FGC, but will be added to the bank’s list of creditors in relation to the remaining R$20,000, with the possibility of only receiving the amount after legal action, in the absence of an agreement.
Investors should be careful. Reimbursement from the Credit Guarantee Fund is not automatic. The account holder needs to download the FGC application and complete the registration. You must then wait for the liquidator appointed by the Central Bank to validate the Master Bank’s creditor base. This process takes around 30 days.
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What will the payment process be like?
With liquidation, the BC takes control of the institution and appoints a liquidator responsible for withdrawing assets and liabilities. One of the first steps is to send the consolidated list of depositors and investors to the FGC.
The procedure follows three phases:
- Sending the list of creditors: the liquidator gathers and forwards the data to the FGC. This step can take up to 30 business days;
- Release of the reimbursement request: after validating the information, the FGC enables the “Request payment” button in the application. Release usually occurs within 48 hours after validation;
- Payment: after the order and digital signature, the amount is transferred to a bank account with the same ownership.
Individuals and legal entities follow different steps to access FGC resources.
Step by step to receive the FGC – Individual
Reimbursement is not automatic. The investor must place the order, following the following steps:
- Download the FGC app (available for Android and iOS);
- Complete the registration, inserting documents and personal data;
- Register the bank account with the same ownership;
- Wait for the request option to be released;
- Request payment and complete with a digital signature;
- Wait for the transfer to the indicated account.
During the process, additional documents and biometric validation may be requested.
Step by step to receive the FGC – Legal Entity
- Lending companies must use the FGC Investor Portal;
- The legal representative accesses the portal and fills in the company information;
- The FGC sends, by e-mailinstructions for sending documents;
- After validation, payment is made to a current or savings account with the same CNPJ.
What is covered by the FGC?
- Current and savings accounts;
- CBD and RDB;
- Financial bills (LCIs, LCAs, LCs, LHs, LCDs);
- Term deposits;
- Repurchase operations with eligible securities.
Value limit
Coverage is limited to R$250,000 per CPF/CNPJ, per financial institution. In case of more than one settlement within a four-year period, the global limit becomes R$1 million.
Amounts above the limit are subject to extrajudicial settlement, which takes years and is not guaranteed. In the absence of an agreement, the amount is incorporated into the bankrupt estate of the financial institution and can only be recovered through legal action, which usually lasts for years.
Deadlines and taxation
The correction of values follows the terms originally contracted until the settlement date. Income Tax is applicable according to the regressive table. If the period between application and settlement is less than 30 days, Tax on Financial Operations (IOF) may be charged, except in the case of savings accounts, which are tax-exempt.
Largest operation in FGC history
The FGC estimates that the liquidation of Banco Master will involve around R$41 billion in guarantees, with approximately 1.6 million eligible creditors. According to the fund, there is enough equity to fully honor payments within the rules current.
