Free e-banking account makes market debut

- Tuesday, March 1, 2011

Free e-banking account makes market debut

A new, free-of-charge bank account to be used only via e-banking platforms - the internet, ATMs and mobile phones - has begun to operate in Brazil, following a regulation issued by national monetary council CMN, a press release from central bank BCB reads.

The new type of account seeks to expand financial inclusion across the country, and it is up to each bank to decide whether the service will be available to customers. Banks can charge registration fees only for customers who want such an account, but are currently not clients.

The CMN regulation also established that should customers use a bank's non-e-banking platform, they forfeit the fee exemption. However, if the financial institution's e-banking platform is down when the customer makes a non-electronic transaction, then the bank cannot charge a fee, BCB said.

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