The Credit Guarantee Fund (FGC) has announced an advance payment of guarantees to Will Bank creditors with up to R$ 1,000, allowing around 6 million clients to receive their funds through the bank's app.
The Credit Guarantee Fund (FGC) has announced that it will expedite payments to creditors of Will Bank who are owed up to R$ 1,000. This measure was taken to aid approximately 6 million clients currently affected due to the bankruptcy process initiated against the bank. These clients are able to request release of their funds through the Will Bank app directly, streamlining the process as the assessment of creditor claims is still ongoing.
Customers who hold products covered by the FGC purchased through investment platforms or who are owed amounts over R$ 1,000 will not have the same access. They must wait for the completion of the creditor list before being able to request payment through the FGC's official app. This distinction highlights the urgency to assist the most financially vulnerable clients and reflects the broader implications of the bank's closure, especially affecting low-income individuals.
The situation with Will Bank illustrates the wider challenges faced by digital banks in Brazil, particularly those targeting low-income demographics, as they navigate regulatory hurdles and financial sustainability. The FGC's prompt action provides a crucial lifeline for struggling clients, but raises questions about the future of banking options available to lower-income Brazilians and the overall stability of such financial institutions in the market.
