From payments to incoming and outgoing bank transfers, passing through the localization of electricity, gas and telephone utilities, a bank account or postal current account is a largely essential product of daily life, particularly for managing money.
This is also because, other than that, many cash payments cannot be made because they are prohibited by law. Currently, in fact, tracking is mandatory for all payments that, even if split, exceed the €1,999.99 threshold. But having said that, what happens when a bank or post office checking account is suspended? Meaning, has she been motionless for a long time?
For example, in which case do you end up under the watchful eye of the tax authorities? Or even the bank can, unilaterally, automatically close a checking account that has not been working for a long time? So let’s try to clarify this important aspect.
What happens and what are the risks when the bank or postal current account is without movements for a long time
In detail, the holder of a bank or postal current account is not obligated to conduct any transactions. The important thing is that the account always has a surplus, that is, there is an amount of money in stock, even only 1 euro.
Having said that, on what is happening and what risks are being run to account for calm, there is also another important thing to add. That is, the bank cannot close the official current account even if there are no movements. This is at least for a maximum of 10 years. Let’s see why in detail.
When a banking or postal relationship can turn dormant and what to do
On the other hand, if the bank or postal account has never been transferred for 10 years, this will become a dormant account as per the law. Moreover, to be considered as such, a checking account of a bank or post office must have a balance above the threshold of 100 euro.
In this case, there is a risk that the funds in the account will be transferred to the Ministry of Economy and Finance (MEF). Specifically under the current legislation on dormant accounts. However, this can be avoided by waking up a dormant bank or post office account. This is a very simple process as it will be enough to make any movement in or out of the current account in the report. For example, bank transfer or Cash withdrawal.
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