FGC Begins R$6.06 Billion Payout to 312,000 Will Bank Clients

Overview

• The FGC, which opened phase two Tuesday, is releasing R$6.06 billion to about 312,000 Will Bank creditors with balances above R$1,000.
• Payments run only through the FGC mobile app, where customers must register, submit documents, and file the claim, and the fund warns against calls or messages from impersonators.
• The first phase began on February 13 for claims up to R$1,000 and has paid R$126 million to about 1.145 million people, while more than six million eligible clients still have not requested their money.
• Coverage is limited to R$250,000 per CPF or CNPJ, and instruments acquired from September 1, 2024 fall under a Master groupwide limit, which blocks new Will Bank payouts for anyone who already reached the cap at Master, Master de Investimentos, or Letsbank.
• After the Central Bank ordered Will Bank’s liquidation on January 21, the FGC has paid roughly R$39.3 billion to 669,000 creditors of other Master entities, equal to about 96.9% of the projected total.