Understand how Forgotten Money in the Bank works and you can recover it

Many Brazilians don't know, but they may have forgotten money in the bank for many years. And do you know the best? It is possible to redeem the amount available in the account and use it however you want, whether to pay debts or buy something.

Are you curious to know how to rescue? So, know that we have prepared a complete step-by-step guide on the entire redemption process, in addition to providing the rules, necessary documents and much more!

But first, see below how the redemption process works, redemption values and other detailed information about. 

What is forgotten money at the Central Bank?

Initially, there are thousands of reais accumulated at the Central Bank, left by several Brazilians due to the prolonged inactivity of bank accounts, deposits or financial assets.

Then, as the holder does not make any transactions, the financial institution is obliged to transfer these funds to the government body responsible for unclaimed funds.

Therefore, it is likely that there will be many amounts forgotten at the Central Bank for you to rescue.

About the Central Bank

The Central Bank is the institution responsible for the full functioning of the Brazilian financial market. 

This involves creating and monitoring regulations that all financial institutions must comply with.

Its responsibilities range from controlling bank fees to regulating the amount of currency in circulation in the country.

Furthermore, the Central Bank of Brazil has autonomy in relation to other public authorities, although it remains under the supervision of the Federal Government, integrated into the Ministry of Economy.

How does forgotten money work at the Central Bank?

In principle, money forgotten at the Central Bank works through the Banco de Valores Esquecidos (BVE), a system dedicated to recording and storing values belonging to people who have lost contact with banks or forgotten these resources for some reason. 

So, be aware that these amounts may be in inactive bank accounts, financial investments or unclaimed inheritances, among other sources.

When a financial institution identifies that a customer has been inactive for an extended period, it is obliged to inform the Central Bank about the existence of these resources. 

In this way, Bacen records these values in its system and assumes responsibility for their safekeeping.

It is important to highlight that only the account holder or their legal heirs have the right to redeem these amounts. To do this, it is essential to have personal documents on hand that prove your identity and relationship with the account or investment holder. 

Finally, know that this measure aims to guarantee the security and preservation of the financial resources of the Brazilian population, with the Central Bank being a crucial entity in this process.

What is the minimum and maximum redemption value?

Please be aware that there is no minimum or maximum amount established for money forgotten at the Central Bank that can be redeemed. 

Furthermore, the money available for redemption depends on the amount the account holder has to receive from the financial institution.

According to information from the Central Bank, the largest amount ever identified to be withdrawn through the Forgotten Values system is R$ 749 thousand. 

In other words, if a holder or his legal heirs have a value greater than this amount forgotten in inactive accounts, they may request redemption according to proof of identity and relationship with the account holder.

This Bacen initiative aims to ensure that all Brazilians have the opportunity to recover financial funds that have been forgotten over time.

What types of values are included in the SVR?

One of the main pieces of information that interested parties need to be aware of is the types of values. This way, it is possible to avoid setbacks during the process of retrieving forgotten money at the Central Bank.

Initially, the Central Bank system worked with different types of values, such as:

• Current or savings accounts closed with an available balance;
• Fees or installments, or obligations relating to credit operations charged unduly;
• Capital quotas and apportionment of net surpluses of beneficiaries and credit union participants;
• Unsought resources relating to terminated consortium groups;
• Prepaid and postpaid payment accounts closed with available balance;
• Registration accounts maintained by securities brokerage companies.

How to retrieve money forgotten in the bank?

Now that you're up to date on forgotten money at the Central Bank, it's time to learn how to perform the rescue.

Rescue is much simpler than you might imagine, however, there are some important points that need attention.

Are you interested in the rescue? So, know that we can help you with this!

Written by

Juliana Raquek