The FGC has advanced payments to customers of Will Bank, allowing those with up to R$ 1,000 to receive refunds beginning this Friday, impacting around 6 million individuals.
On this Friday, the Credit Guarantee Fund (FGC) has initiated the process of reimbursing customers of Will Bank, part of a larger financial group. Specifically, individuals who maintained account balances of R$ 1,000 or less are eligible for a refund directly deposited into their accounts via the bank's app. This move is aimed at expediting access to funds for approximately six million clients, providing financial relief during a challenging period.
The FGC plans to disburse around R$ 200 million as part of this advance payment, contributing significantly to the liquidity of customers impacted by the bank's financial situation. Customers will also receive funds related to electronic currency deposits associated with payment app accounts, which will require them to transfer the received amounts to accounts held under the same name. This underscores the FGC's role in safeguarding the interests of minor account holders in the event of banking failures.
While this immediate payment will alleviate some financial strain for many, other creditors, particularly investors holding Will Bank bonds, will have to await the completion of the creditor base review by the bank's liquidator before they can receive any payments. This ongoing process highlights the complexities involved in the resolution of bank failures and the prioritization of customer reimbursements over investor claims in such scenarios.
