The Credit Guarantee Fund (FGC) will advance the payment of up to R$1,000 to Will Bank creditors. The measure could benefit around 6 million people and will be carried out directly through the banking institution’s application.
The amount to be advanced corresponds to approximately R$200 million and will benefit mainly low-income account holders, the institution’s target audience. In addition to the advance, there are R$25 million in balances in payment accounts, which will also be released on the Will Bank application.
The institution, which was part of the Banco Master conglomerate, was liquidated by the Central Bank (BC) in January. As the consolidation of the complete list of creditors has not yet been completed, the Credit Guarantee Fund decided to advance payment for customers with amounts up to R$1,000 covered by the guarantee.
Anyone with amounts above R$1,000 or who invested through investment platforms must wait and request reimbursement through the FGC’s own application, after the list of creditors has been completed.
Balance
The FGC also updated the balance of the release of funds from the settlements of Banco Master, Master Investimento and Letsbank. To date, R$37 billion in guarantees have been paid to creditors of the conglomerate to which Will Bank belonged, equivalent to 91% of the total forecast. There are still around 9% of investors who have not initiated a refund request.
Payment accounts
Will Bank did not operate as a traditional bank with a checking account. The institution operated as a financial and payment institution, offering payment accounts, a modality in which the customer’s balance must be deposited in a specific account at the Central Bank.
In these accounts, the money cannot be used by the institution to grant credit or carry out other typical commercial banking operations. Part of the amounts invested by customers was automatically directed to Bank Deposit Certificates (CDB), which are covered by the FGC up to the legal limit of R$250,000 per CPF.
According to the BC, the resources in payment accounts are separated from the institution’s assets, which guarantees reimbursement to customers.
The following are entitled to advance payment:
- Will Bank direct customers;
- With values eligible for the FGC guarantee;
- Limited to up to R$1,000.
The general FGC coverage limit is up to R$250,000 per Individual Taxpayer Registry (CPF) or National Legal Entity Registry (CNPJ).
At this stage, however, the release is restricted to a ceiling of R$1,000 per customer.
Step by step to request reimbursement
- Access the Will Bank application where the specific option for advance payment will be available.
- Confirm your registration data and the system will validate your personal information.
- Check the amount available, and after validation, the amount eligible for FGC coverage will be displayed, limited to R$1,000.
- Confirm digital acceptance. The order is formalized through electronic confirmation within the application.
- Transfer the money. After release, the customer must transfer the amount to an account with the same ownership, in order to be able to move the money.
Beware of scams
The FGC and Will Bank warn that they do not make contact by phone, messages or social media to ask for passwords, codes or personal data.
There are no authorized intermediaries to “facilitate” or “advance” payments. In case of doubt, the customer should only contact the institutions’ official channels.
What is the FGC
The Credit Guarantee Fund is a private, non-profit entity, created in 1995 to protect depositors and investors in the event of failure of financial institutions authorized to operate in Brazil. Coverage is up to R$250,000 per CPF or CNPJ, respecting the limits established by regulation.
