Banks notify clients with Master assets about FGC withdrawal

Financial institutions are already starting to notify clients who have assets from Banco Master in their portfolios about the BC’s (Central Bank) decision for extrajudicial liquidation and the activation of the FGC (Credit Guarantee Fund) to protect their creditors. According to the FGC’s calculations, Master has an estimated base of 1.6 million creditors, with deposits and eligible investments for guarantee payment totaling approximately R$ 41 billion. One of the institutions that is already notifying clients is Nubank. In a message, the fintech indicates the value that the creditor has in Master assets and highlights that the FGC coverage reaches R$ 250,000 per CPF.