Brazil’s Caixa Bank Lowers Overdraft Interest Rate to 4.99 Percent per Month

State-owned Caixa Econômica Federal announced on Tuesday, November 12th, the reduction of interest rates on checking account overdrafts from 8.99 to 4.99 percent per month.

RIO DE JANEIRO, BRAZIL - "Caixa is giving back to society, and in particular, to the most modest, the record results it achieved, reducing the overdraft interest rate to below five percent."

"We are committed to equality, to the distribution of income. This is entirely mathematical and meritocratic," said Pedro Guimarães, president of the bank.

"This 4.99 percent interest rate is still extremely high. We are continually studying Brazil's ongoing economic improvement, and we will be able to continue lowering rates, but the potential downturn also leads to an increase," Guimarães said.

Caixa additionally announced a new . . .

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