The transfer via Credit Order Document (DOC) will end next Monday (15), at 10pm. At this time, banks will no longer offer the issuance and scheduling service, both for individuals and legal entities, for transfers between different financial institutions.
Last year, banking institutions had announced the end of the transfer modality. The DOC’s maximum scheduling date is February 29th, when banks finish processing payments, closing the system definitively.
In addition to the DOC, the Special Credit Transfer (TEC) will no longer be offered at 10pm on Monday, a modality through which companies can pay benefits to employees and which is also out of use.
In recent years, DOC and TEC have lost space to Pix, the Central Bank’s instant transfer system at no cost to individuals. Created in 1985, DOC allows the transfer of funds until 10pm, with the transaction being settled on the business day following the order. If done after this time, the transfer will only be completed two business days later.
Statistics
According to a survey by the Brazilian Federation of Banks (Febraban), based on data from the Central Bank, transactions via DOC totaled 18.3 million operations in the first half of 2023, just 0.05% of the total of 37 billion operations carried out in the period.
In terms of number of transactions, the DOC was well behind checks (125 million), TED (448 million), bank slips (2.09 billion), debit cards (8.4 billion), credit cards (8 .4 billion) and Pix, the preferred modality of Brazilians, with 17.6 billion operations.
Mainly used to transfer large amounts, the Available Electronic Transfer (TED) will continue to be in force. Created in 2002, TED allows funds to be sent between different institutions until 5pm on business days, with the transaction taking up to half an hour to be settled.
