the adjustment of Pix limit it is a function that helps to strengthen the security of customers of banks and financial institutions. Through it, it is possible to choose a maximum amount to carry out transactions through the payment and transfer platform, according to the user’s needs. The option, however, is not available on the box has, as discovered by the Techblog in tests carried out in recent days, even though Central Bank (BC) regulations point to it as necessary.
Tests were performed on Android and iPhone (iOS) apps. Initially, we selected the “Pix” option on the home screen and were directed to the automated chat. Then, we chose all the options offered by the platform, such as “Pay”, “Receive”, among others. None of them led us to the limit control function.
We also use the Settings tab, where you can change the app’s settings. The result was the same: the Security menu only offers options to configure access to the Caixa Tem account through the application. Until this Thursday (18), we have not found any mention of the tool to control the Pix limit on the Caixa platform.
Cash Has no option to adjust Pix limit
The absence of limit control goes against most apps from financial institutions. The Caixa application itself, for example, offers the function together with other Pix options accessed directly from the home screen. The same is said to Banco do Brasil, Bradesco, Itaú, Nubank, Santander, among other banks.
On the other hand, the lack of an adjustment option may violate Central Bank regulations. The Normative Instruction number 160 states that, as of October 4, 2021, the function to control the limit must be available in the financial institution’s app based on the Minimum Requirements for the User Experience manual. But the deadline varies in some situations.
According to BC, the limit until October 4th is applied to the main app of the financial institution participating in Pix. This means that the participant’s other apps, such as Caixa Tem, follow a different schedule. Check the deadlines below:
- Pix participants with a monthly average of over 20 million transactions: until September 16, 2021;
- Pix participants with monthly averages between 5 and 20 million transactions: until March 31, 2022;
- Other Pix participants: until June 30, 2022.
It is important to highlight that the number of transactions is related to the results obtained between March and September 2021. In addition, in March, the president of Caixa, Pedro Guimarães, stated that Caixa Tem had 107 million accounts opened. “It’s our biggest source of payments and debits and Pix,” he said. “In other words, we have more operations in terms of debit cards and on the Pix in the Caixa Tem app than the rest of the bank.”
How does this absence affect Caixa Tem users?
The limit is a mechanism that aims to increase Pix’s security. With it, the user is able to stipulate a ceiling for payments and transfers in order to avoid transactions with very high values. And the restriction is present at Caixa Tem: according to Caixa’s website, each transaction can cost a maximum of R$600.
The bank also stipulates daily limits for using the platform through Caixa Tem. For transactions between 6:01 am and 7:59 pm, the maximum amount is R$1,200. For payments and transfers between 8:01 pm and 6 am, the ceiling is R$1,000. Meanwhile, the Caixa app on a validated cell phone offers limits of up to R$30,000 and R$1 thousand, respectively.
To Techblog, the specialist in digital security at ESET, Daniel Barbosa, explains that the lack of restrictions on transactions can make the user more vulnerable in the event of security incidents. But the absence of the option to adjust the limit by itself does not pose a risk:
“The regulation that stipulates a limit for transactions was designed to protect Pix users in case of security incidents that lead users to carry out financial transactions through coercion,” he said. “If there is a value limit for transactions via Pix that occur within the times considered most critical, even if there is a movement through coercion, the victim will be less harmed than if there were no limit at all.”
On the other hand, the lack of option to adjust the limit makes it impossible for the user to control it. Take the 2020 FGTS Emergency Withdrawal as an example: at the time, the Federal Government allowed the withdrawal of a minimum wage from the FGTS. If it were nowadays, it would be necessary to make two transactions of R$550 to transfer R$1,100.
Okay, and what should I do if I don’t have the option?
The ceiling even exists, but the user cannot adjust it. In addition, there are two doubts: is the state bank violating the rules by not offering the option in Caixa Tem? And what happens to financial institutions that don’t comply with Pix regulations? For now, we only know the answer to the second question. And BC explains to us:
“Institutions participating in Pix that do not comply with the rules defined in the Pix regulations are subject to the application of penalties, under the terms of the regulations in force, in accordance with the Pix Penalties Manual.”
The same is observed by Professor of Law at Universidade Presbiteriana Mackenzie and specialist in consumer law, Bruno Boris, to Techblog:
“The institution, based on the IN [Instrução Normativa], it must provide this possibility or justify its operational impossibility, a difficulty that must be temporary”, he said. “Failure to correct this inconsistency can generate, in addition to the supervision and sanction of the BC, sanction from the consumer protection and defense agencies (Procons).”
Boris also suggests that consumers try to contact the institution to communicate the inconsistency before submitting a complaint to other bodies. “If it is still not regularized, there are great chances of the institution being responsible for the omission and even damage suffered by the consumer,” he said. Another option is to file a complaint with the Central Bank: bcb.gov.br.
O Techblog contacted Caixa Econômica Federal, but has not received any feedback so far.