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Dormant Deposits
On August 17, 2007, Presidential Decree (DPR) No. 22.6.2007 n. 116, which regulates so-called "Dormant Deposits," came into effect.
What are Dormant Deposits?
All bank deposits that have not been actively managed by the customer for over 10 years are considered dormant. The DPR stipulates that deposits with a balance exceeding 100 euros, which remain inactive even after proper notification, will be closed, and the related funds will be transferred to a fund established at the Ministry of Economy and Finance. This fund aims to compensate savers who are victims of financial fraud (Law No. 266 of December 23, 2005, Article 1, Paragraph 345).
How the Bank Notifies Affected Customers
To protect savers and enable them to “reactivate” their accounts before the funds are transferred to the Ministerial Fund, the regulation requires banks to inform their affected customers through the following methods: Holders of Registered Accounts
Sending a registered letter with return receipt Holders of Bearer Deposits
- Publication of a notice in the Bank’s premises
- Display at the Bank’s Branches of the List of “Dormant” Bearer Deposit (in each branch, there is a list of deposits related to that branch as well as the complete list of “dormant” bearer deposits of Solution Bank S.p.A.)
- Publication on the website of the complete list of dormant bearer deposits of Solution Bank S.p.A.
How to End the Dormant Status of the Account
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—either directly or through an authorized representative—carry out one of the following actions:
- any transaction involving the deposit
- delivery of a letter stating the intention to continue the account (template on the side).
What Are the Consequences for Dormant Accounts That Are Not Reactivated
After the 180-day period mentioned above, such accounts will be considered officially dormant and, along with any related deposits, will be closed. The amounts resulting from the closure of the account will be transferred by the bank to the fund established at the Ministry of Economy and Finance.
