Poste Italiane has reported the imminent closure of Postal Savings Books. The news that stunned thousands of Italian savers. Here are all the details.
Postal savings books are, without a doubt, among the preferred forms of savings by Italians. After all, it’s a convenient, low-cost place to keep your money safe. We can compare postal savings books to deceptive banks, where savings can be paid out without the risk of losses or costs to be incurred. They are products guaranteed by the state in terms of deposited amounts and interest. The only drawback of postal savings books is that, unlike other forms of investment, they generate fairly low interest, even if there is no administrative cost (up to a €5,000 deposit) or risk of losing the invested capital.
In short, for some time the postal book is a very attractive option for all those who have a need to keep sums of money. However, Poste Italiane, aiming to nudge savers towards new payment and saving methods, recently reported the imminent extinction of this solution.
This means that savers who have sums of money kept in their postal passbook will soon have to take action to avoid nasty surprises.
The extinction of postal savings books
Through an official letter, Poste Italiane reported the extinction of the savings books. News that stunned millions of Italian savers who will have to take action before the credit institution begins its extinction measures.
Poste Italiane’s decision is dictated by the intention to direct savers towards new forms of investment that will replace old savings tools such as postal passbooks. In addition, by the Post Office’s estimation, there are thousands of forgotten “sleeping” notebooks, even with sums of money inside. Specifically in this case, it will be necessary for users to perform some operations to avoid its final shutdown by June 29, 2023.
If the holders fail to do so, as soon as the deadline notified by the Poste Italiane has passed, the account book will be permanently closed and the amounts inside will be transferred to the Fondo ratio managed by Consap, part of the Ministry of the Economy. At this point, savers who want a refund will have to apply for it in Consap no later than 10 years later.
For more information and not to risk losing your savings, you can refer to the Poste Italiane website where all dormant accounts are listed.
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