Dormant Deposit Accounts

PRESIDENTIAL DECREE NO. 116 OF 22.6.2007, WHICH REGULATES SO-CALLED “DORMANT DEPOSIT ACCOUNTS”, ENTERED INTO FORCE ON 17 AUGUST 2007
What they are
All bank deposit accounts that have shown no customer-initiated transactions for over 10 years are considered dormant. The decree establishes that dormant accounts with a balance greater than 100 euro and which remain inactive even after adequate notice has been given will be closed and the amounts involved will be transferred to a fund set up by the Ministry of Economy and Finance for the purpose of compensating savers who have fallen victim to financial fraud (Art. 1(345) of law no. 266 of 23.12.2005,).
How the bank informs the account holders concerned
In order to protect savers and enable them to “reactivate” the account before the balance is transferred to the ministerial fund, the legislation provides that banks must inform their customers to whom the decree applies in the following ways:
Nominative account holders
Sending of a registered letter with acknowledgement of receipt
Bearer account holders
• publication of a notice on the bank premises
• display, in the branch offices of the bank, of a list of “dormant” bearer deposit accounts (a list of deposits held in the branch concerned is available along with a complete list of Solution Bank S.p.A. bearer accounts which are in a “dormant” status)
• publication of a complete list of dormant Solution Bank S.p.A. bearer accounts on the bank’s website.

How can the dormant status of the account be interrupted?
It is sufficient that holders of dormant accounts – directly or through an authorised representative – carry out one of the following steps within 180 days of receiving the registered letter in the case of nominative accounts or from the date of notice of dormancy in the case of bearer accounts:
• carry out any transaction in the deposit account
• deliver a letter attesting to their wish to keep the account open (facsimile here at the side).

What are the consequences for dormant accounts that are not reactivated?
After the period of 180 days has elapsed, the accounts will be considered effectively dormant and will be closed along with any deposits linked to them. The bank will transfer the amounts resulting from the closure of the account to the fund set up by the Ministry of Economy and Finance.

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