Transfers via DOC stop working from TODAY; find out how it can affect you

Changes in the banking world: Transfers via DOC closed today. Find out how this affects your finances.

This Monday, January 15th, Brazilians woke up to important news. In short, this is the definitive closure of one of the most traditional banking payment methods in Brazil: transfers via DOC (Credit Order Document).

Financial institutions associated with the Brazilian Federation of Banks (Febraban) will no longer offer this modality to both individuals and legal entities. This change has significant implications for those who relied on DOC as a means of transferring funds and paying bills.

End of an era: DOC will no longer be available. Learn the alternatives and implications for your transactions. (Credit: @jeanedeoliveirafotografia / pronatec.pro.br).

DOC: deadlines for scheduling and closing the service

First of all, for those who still want to use DOC for the last time, it is important to know that transfers via DOC can be scheduled until 10pm today. After this time, it will no longer be possible to schedule transfers via this system.

Namely, the total closure of the DOC is scheduled for February 29th, the date until which banks will still process transfers already scheduled.

In addition to the DOC, another type of transfer, the Special Credit Transfer (TEC), a modality used exclusively by companies to pay benefits to employees, will also come to an end.

Furthermore, it is important to note that operations via TED (Direct Electronic Transfer) will not be affected by this change and will continue to operate normally.

Maximum value and differences of DOC in relation to TED

In summary, an important feature of the DOC was the maximum value allowed for transactions, which was R$4,999.99. This limitation, however, will not change in TED operations, which continue to be a viable option for transfers of higher values.

Furthermore, another notable difference between DOC and TED was the processing time for transfers. While in DOC, operations were carried out only the day after the bank received the transfer order, in TED, transfers were carried out on the same day the order was given, making TED a more agile option compared to DOC.

The impact of PIX and customer preference

Initially, the closure of DOC and TEC was largely motivated by the success of PIX. Launched in 2020 by the Central Bank, PIX quickly gained customer preference, offering free, instant transfers with no value limitations.

Walter Faria, deputy director of Services at Febraban, highlights that "Both TEC and DOC are no longer customers’ first choice and their use has been falling steadily in recent years. Customers have given preference to PIX, because it is free, instant and also because of the value that can be transacted."

A Febraban survey shows that DOC was not even among the top five payment methods used in 2023. The preference was for PIX, followed by credit cards and debit cards.

Perspectives for the future

With the closure of DOC, Brazilians should continue to adopt PIX as their main choice for electronic transfers and payments, taking advantage of the practicality, security and agility that the system offers. This change represents another step in the transformation of the Brazilian banking scenario towards more innovative and convenient solutions for consumers.

Finally, it is crucial that users are aware of these changes and are up to date with the options available for their financial transactions in Brazil. The end of DOC marks the end of an era, but also the beginning of a period of greater convenience and efficiency in banking operations in the country.

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