Find out if it’s worth anticipating the withdrawal-anniversary of the FGTS – 09/19/2021 – Grana

Since 2019, workers can join the withdrawal-anniversary of the FGTS (Guarantee Fund for Employees), which allows an annual withdrawal of values ​​from the fund’s accounts.

For those who chose this modality, some banks in the country make it possible to anticipate up to five withdrawals at once.

Despite the facility, financial educator Cintia Senna makes an alert for those who intend to use this service. “People need to know that this anticipation is nothing more than a loan”, he says.

In other words, as in other credit operations, interest, taxes and other fees are charged.
According to a simulation made by the specialist at the request of the Now, a worker born in December and with R$ 10 thousand of balance in the FGTS could, in three years, withdraw R$ 6,466 for the birthday withdrawal. If that same person makes the advance payment at a rate of 1.99% per month plus IOF (Financial Operations Tax), he or she will only be able to withdraw R$4,963.93.

In order to take out the loan, the applicant must have the same amount in the balance of the fund’s accounts. This money will be the guarantee of the creditor bank and, for this reason, some financial institutions make the advance of the FGTS available to negative borrowers.

During payment, the amount that the customer would receive on the birthday withdrawal goes directly to the creditor bank. Thus, at the end of the contract, the worker will not have any outstanding amounts to pay.

For those who intend to use this credit, Cintia suggests reflecting on the need for money. “There would have to be a very extreme need to look at this type of loan and make the adhesion. If it is simply to pay a bill that is in arrears or day-to-day debt it is not interesting. We need to ask ourselves: will this solve the problem or will it be palliative?”

Financial educator Fernanda Melo, from Planejar, also advises consumers that, when considering anticipation, take into account the fund’s original purpose. “The FGTS, as its name says, has the function of guaranteeing purchasing power in an emergency situation”, he says. Whoever adheres to the withdrawal-birthday will not be able to withdraw after an unfair dismissal. You can only have access to the 40% fine that is paid by the employer.

It is worth noting that the rate charged by banks for this loan is higher than the FGTS yield, which in 2020 was around 0.4% per month. The lowest rate found by Now was 0.99%.

How does birthday withdrawal work

Each year, the worker who joined this modality can withdraw a part of the money from their fund accounts. The amount released depends on the person’s FGTS balance

Balance in FGTS Aliquot Additional plot
Up to R$ 500 50% ———
R$ 500,01 a R$ 1.000 40% R$ 50
R$ 1.000,01 a R$ 5.000 30% R$ 150
BRL 5,000.01 to BRL 10,000 20% R$ 650
BRL 10,000.01 to BRL 15 thousand 15% R$ 1.150
BRL 15,000.01 to BRL 20,000 10% R$ 1.900
Above BRL 20,000.01 5% R$ 2.900

For example: if the worker has BRL 800, he can withdraw 40% (BRL 320) plus the fixed installment of BRL 50, totaling BRL 370. If the person has BRL 12 thousand, he will be able to get 15% of that (BRL $1,800) plus a fixed installment of BRL 1,150, which gives the sum of BRL 2,950.

How Anticipation Works

By making this option, the worker can anticipate the next installments of the withdrawal-birthday. The number of installments varies according to each financial institution, as well as the values

To make the advance, the applicant must have adhered to the withdrawal-birthday and have sufficient balance for the operation

On the anniversary date, when the person would receive the birthday withdrawal, the amount goes directly to the bank where the contract was made

The anticipation must be previously authorized by the citizen in the application or on the FGTS official website

Benefits

  1. At the end of the loan, the worker does not owe, since all installments have already been paid automatically
  2. As it is an income guaranteed to the creditor bank, many institutions offer this type of loan to negative borrowers.
  3. The interest rate is lower than the average for conventional loans

Disadvantages

  1. Whoever adheres to the withdrawal-birthday (regardless of opting or not for anticipation) will not be able to withdraw the money from the fund after a dismissal. However, the 40% fine in case of unfair dismissal is maintained
  2. The worker will not receive the installments of the withdrawal-birthday until the loan is repaid
  3. Anticipation is like any loan – that is, there are fees. Therefore, the worker who opts for this credit will receive less money than he would normally receive

Conditions

– Federal Savings Bank

It is possible to anticipate up to three withdrawals
The minimum total amount of the loan is BRL 2,000 and the amount of each withdrawal to be advanced must be equal to or greater than BRL 300
The credit date of the last withdrawal to be anticipated cannot exceed the limit of 999 days from the date of taking out the loan
Interest: 1.09% per month (the bank did not inform the total effective cost)

– Bank of Brazil

It is possible to anticipate up to three withdrawals
The total loan amount varies between R$1,000 and the maximum calculated for the applicant
Interest: from 0.99% per month (total effective cost from 16.54% per year)

BMG

It is possible to anticipate up to five withdrawals
Total effective cost: 2.10% per month and 28.8% per year
The money is released within two business days

– Bank PAN

It is possible to anticipate up to five withdrawals
The minimum advance amount is BRL 500
Interest rate of 1.99% per month (the total effective cost was not informed)
The contracted amount is released within one business day

– Mercantil do Brasil

It is possible to anticipate up to five withdrawals
The interest rate varies between 0.99% and 1.99% per month (the total effective cost was not informed)

Example

A worker born in December and with a balance of BRL 10,000 in the fund could, in three years, get BRL 6,466 for the birthday withdrawal

If that same person opts for an advance with an interest rate of 1.99% plus IOF (Financial Operations Tax), he or she can withdraw only R$4,963.93.

Sources: Financial educator Cintia Senna and banks​​

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