On 17 August 2007, Presidential Decree no. 116 of 22 June 2007 came into force, regulating the so-called “Depositi Dormienti”.
What they are
All bank deposits that have not been moved, on the customer’s initiative, for more than 10 years are considered dormant. The Presidential Decree establishes that such deposits with a balance in excess of €100 and not moved even after adequate information are extinguished and the relevant sums transferred to a Fund set up at the Ministry of Economy and Finance to compensate savers who are victims of financial fraud (Law No. 266 of 23.12.2005, Article 1, paragraph 345).
How the Bank informs the customers concerned
o protect savers, putting them in a position to “reactivate” the relationship before the sums are turned over to the Ministerial Fund, the legislation requires banks to inform their customers affected by the decree in the following ways:
Holders of registered accounts
Sending a registered letter with acknowledgement of receipt
Holders of bearer deposits
- publication of a notice on the Bank’s premises
- display at the Bank’s branches of the list of “dormant” bearer deposits (in each branch the list of deposits referred to the branch is available as well as the complete list of bearer deposits of Solution Bank S.p.A. that are “dormant”)
- publication on the website of the complete list of dormant bearer deposits of Solution Bank S.p.A
How to interrupt the state of dormancy of the report
It is sufficient that within 180 days from the date of receipt of the registered letter for registered deposits or from the date of dormancy for bearer deposits, the holders of dormant deposits – directly or through a delegate – perform one of the following operations:
- any operation to move the deposit
- delivery of a letter stating their willingness to continue the relationship (facsimile on the side).
What are the consequences for dormant reports that will not be revived
After the 180-day period indicated above, such reports will be considered effectively dormant and, together with any deposits linked to them, will be extinguished. The sums resulting from the extinction of the report will be transferred by the bank to the fund set up at the Ministry of Economy and Finance.