Brazil's forgotten bank funds rise to R$ 5.65 billion

The amount of forgotten money held in Brazilian banks and other financial institutions rose to R$ 5.65 billion in July, according to data released by the Central Bank. This represents an increase from the R$ 5.12 billion recorded in June.

Of this total, R$ 4.25 billion belongs to approximately 23.57 million individuals, while R$ 1.40 billion is available for roughly 2.19 million companies. The funds originate from various sources, including closed accounts with remaining balances, improperly charged fees, and closed consortiums or credit cooperatives.

Banks hold the largest share of these resources at R$ 2.38 billion, followed by consortium administrators with R$ 1.96 billion and cooperatives with R$ 762.7 million. Despite the large total, the majority of beneficiaries hold small amounts: 69.45% have between R$ 0.01 and R$ 10, and only 2.22% have more than R$ 1,000.

Since the creation of the 'Sistema de Valores a Receber' (SVR), the Central Bank has returned over R$ 16 billion to holders. The recent increase in available funds follows a period of decline caused by the transfer of resources to the Fundo Garantidor de Operações (FGO) to support the 'Novo Desenrola' debt renegotiation program.