Brazil: banks to stop offering transfers via DOC by February 2024

The Brazilian Federation of Banks (Febraban) said on Thursday (4) that banks associated with the entity will no longer offer transfer operations via DOC (Credit Order Document) until February 29, 2024.

Besides the DOC, banks will also deactivate the Special Credit Transfer (TEC), operations made exclusively by companies to pay employee benefits.

The entity has not announced changes in operations via Available Electronic Transfer (TED).

Today, the maximum value for transactions via DOC or TEC is R$4,999.99 (US$1,000).

“With the emergence of Pix and the high banking movement with lower rates, both TEC and DOC are no longer the first choices of customers, who have given preference to Pix for being free and instantaneous,” said the president of Febraban, Isaac Sidney.

“The extinction of the two payment methods was also motivated by the experience and the cost-benefit to customers.”

“Other operation modalities offer the same service instantly, like TED, and free of charge, like Pix, for lower value transactions,” the entity said in a statement.

In 2022, transactions via DOC totaled 59 million operations, only 3.7% of the total 63.071 billion transactions made in the year.

According to the entity, “the DOC was well behind checks (202.8 million), TED (1.01 billion), bank slip (4 billion), debit card (15.6 billion), credit card (18.2 billion) and Pix, the preferred choice of Brazilians, with 24 billion.”

With information from Gazeta do Povo