The federal government is in The official diary of the league This Friday (23) Law No. 14,075/20, Which expands the use of calls Digital social savings. In fact, the new law permanently sets this approach in the country’s financial system. The text was approved without restriction by President Jal Bolsonaro (non-party).
The purpose of creating digital social savings is to facilitate access to emergency assistance and emergency withdrawal of funds from the Severance Compensation Fund (FGTS). This is a simplified savings account with no maintenance fees.
With the enactment of the law, digital social savings can be used to pay for the benefits of reducing working hours or suspending contracts, large withdrawals from FGTS, and deposits from other social programs. Citizens can also obtain social security benefits through this type of account, provided that they provide a clear authorization for this.
The text also increased the limit on free electronic transfers from one transaction per month to three months. In addition, holders of digital savings accounts will be able to use it to pay monthly checks and free withdrawals.
There are more. The user of the modal account can receive a physical card to use the account, which is banned in the original project and can transfer up to R $ 5,000 per month. However, the issuance of checks is still prohibited. If citizens need to use more functions, they can request to convert their account to regular savings.
The new law also provides for the automatic creation of digital social savings to pay for emergency assistance and other benefits. However, financial institutions implementing this procedure will not be able to use the deposit amount to offset debts or offset negative balances.