Caixa Econômica Federal is the main banking institution in Brazil, and currently has more than 148 million customers across the country. As a result, there are a large number of customers who depend on the services of the bank, and one of the main ones is the savings account, which is widely used to store values for emergency purposes or in the case of a personal project.
In addition to general savings, Caixa has social savings accounts, which can only be used by people who are part of government social programmes. In this case, the monthly credit limit is R$5,000, and the amounts are transferred through Caixa Tem, the bank’s application, which aims for various social functions.
Because of this limitation, you may end up withholding a savings account. “If the account receives more than R$5,000.00 in the same month, it will be blocked. In this case, you can change CAIXA digital social savings to Caixa digital savings via the Caixa Tem app or go to a Caixa agency to withdraw the available balance and request account closure,” it reads. In a statement from Caixa Economica.
Caixa Econômica social savings accounts banned
Therefore, if your social savings account has been blocked for this reason, it is necessary to change the account model, as indicated by the banking institution. This can be done by accessing the Caixa Tem application and going to the “Registration Update” section to complete the registration data and submit copies of the required documents.
With the shift from social savings to joint savings, the account continues with the same characteristics, without the need to pay fees. However, the amounts that can be concentrated in the bank’s savings are increasing.
With this type of account, Caixa enables customers to make withdrawals, transfers, payments and transactions with a virtual debit card and cardless withdrawals at self-service terminals. With social savings, it is only possible to make two withdrawals per month at these terminals. In addition, this type of account has other limitations such as the number of TED (Electronic Transfer Available) that can be made to other banks per month.
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