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INTESA SANPAOLO: DORMANT ACCOUNTS

  • 26,626 Personal Accounts (current accounts, personal savings passbooks and safe-custody deposits)
  • 54,349 Bearer Accounts (certificates of deposit, bearer savings passbooks)


Milan, 28 February 2008
– The regulations governing “Dormant accounts” (Presidential Decree No. 116/2007) apply to contractual relationships which observe all the following conditions:
-they belong to one of the types hereby indicated: the deposit of sums of money with the obligation to repay, the deposit of financial instruments in safe-custody, life insurance policy in cases involving the payment of a yield or capital to the beneficiary on a fixed date;
-no transaction or movement has taken place on the account at the initiative of the holder or third parties delegated by the holder, for a period of 10 years starting from the date the sums and financial instruments became freely available;
-the value of the assets exceeds EUR 100.

On 14 February 2008, the Intesa Sanpaolo Group had identified 26,626 “Dormant” Personal Accounts amongst the current accounts, personal savings passbooks and safe-custody deposits and 54,349 “Dormant” Bearer Accounts amongst the certificates of deposit and bearer savings passbooks.

For Personal Accounts the regulation envisages sending to the holder of the “dormant” account – by registered recorded delivery letter addressed to the last known address, or to third parties possibly delegated by the holder – an invitation to give instructions within 180 days of date of receipt. Once this period has expired without the intermediary receiving an instruction – or a specific communication from the holder to continue the account – the account shall be cancelled and the sums and money relating to it shall be devolved to a public fund.

For Bearer Accounts – it not being possible to identify accurately the actual holder of the account to whom the said registered letter could be sent, a notice shall be prepared, with monthly updates, containing information on the bearer deposits which have become dormant during the period in question. The notice can be consulted at branch offices and on the Bank’s website. The period of 180 days by which the holder can give instructions to avoid the cancellation of the account shall start from the date of the notice. In the case of cancellation, as for the Personal Accounts, the respective sums shall be devolved to the said public fund.

Intesa Sanpaolo
Rapporti con i Media
tel. +39.0287963531
stampa@intesasanpaolo.com

 

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