DORMANT ACCOUNTS

Presidential Decree n. 116 of 22 June 2007, "Regulation of the implementation of Article 1, paragraph 345, of law n. 266 of 23 December 2005 concerning dormant deposits"
 

Presidential Decree n. 116/2007 contains provisions for the implementation of the Financial Law for 2006 and requires that, in case of deposits of money or financial instruments that have not been subject to any transaction or operation by the account holder or by third parties delegated to do so by him or her for a period of time of 10 years, the account holder be notified by means of a certified registered letter with advice of delivery.
If, in any case, the account holder does not carry out any operation, the account/s will be closed and the sums contained therein will be transferred to the State, where they will be deposited in a special Fund destined, among other things, to disadvantaged individuals, savers who were victims of financial crashes, Alitalia shareholders, and scientific research.
 

Each year, the Banks identify the clients who hold accounts that have not been subject to transactions for at least 10 years, they invite them to make a useful transaction to reactivate the account, and advise them that if no transactions are made the accounts will be closed and the balance transferred to the State.
 

The Banks communicate, by March 31 of each year, to the Ministry of the Economy and Finance, the accounts for which dormant conditions were verified the previous year, and then provide for the transfer of the balances in said accounts to the fund by May 31 each year.
 

It is therefore recommended that clients holding accounts that have been dormant for at least ten years give instructions to the bank in order to prevent the account from being closed.
 

Following transfer of the account balance to the Fund, the account holder will in any case be able to lay claim to the sums, but exclusively through the Fund itself, with no right to file claims against the bank.