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Dormant current accounts: how to proceed?

What are dormant current accounts?Dormant current accounts

Recently, new rules on Dormant current accounts have come into force. With the term Dormant current accounts reference is made to contractual relationships entered into with a Bank or another financial intermediary, consisting in sums of money or financial instruments, that have not been moved by the owner for a period of 10 years and have a total sum higher than €100. Savings account books, current accounts, postal accounts, shares, bonds, government securities that have been present on inactive deposits are included in the category of dormant current accounts.

Dormant current accounts: what do new rules establish?

New rules establish that a contractual relationship kept “dormant” for 10 years on which sums equal to at least €100 are deposited, is terminated by the Bank and the sums transferred into a fund for social purposes, created by the Italian Ministry of Economy and Finance, referred to in article 1 paragraph 343 Law 2005 n. 266. Nonetheless, before sums are devolved into the Fund, the owners of dormant current accounts will be notified by the Bank and they shall have a period of 180 days (about 6 months) to wake accounts by means of a transaction or by simply notifying to the Bank of their wish to proceed with the contractual relationship. Moreover, even if sums are transferred into the Fund, the owner may still claim a refund of transferred sums from the Fund and shall have 10 years in which to do so.

Who is entitled to the refund of sums?

The owners of accounts or their assignees, provided that the ten-year statute of limitation has not expired, starting from the date of transfer of sums to the Fund, as well as the issuance of a banker’s draft, provided that the limitation period starting from the date of issuance of the banker’s draft has not expired.

How to proceed?

First of all, the small investor has to verify if he/she is really the owner or beneficiary of a dormant account. In order to do so, it is sufficient to insert some data on the Consap website. Within seconds, the system will ascertain if a product is present according to the data inserted.

If there is a dormant asset, the next step is to fill in the refund form, with a statement of devolution of sums to the Fund, prepared and released by the financial intermediary holding the sums and the applicant’s identity card.

In case of inherited contractual relationships, the beneficiary will need to provide self-certification, which will be verified by Consap.

Owners of dormant current accounts should send their application to:

Consap S.p.A. – Rif. Rapporti dormienti – via Yser, 14 – 00198 Roma,

or via e-mail to

The form may be downloaded directly from the website

The form should be accompanied by the following attachments:

  • Copy of identity card of the applicant entitled to refund or appropriate mandate
  • Copy of fiscal code of the applicant entitled to refund
  • If applicable, owner’s death certificate
  • Copy of savings passbook or of banker’s draft
  • If applicable, statement attesting heir’s entitlement and statement of termination of contractual relationship by the Bank or by the intermediary certifying that sums have been transferred into the Fund.

After having verified that the conditions for refund are fulfilled, Consap will make the payment in favour of the person entitled to reimbursement, according to the methods indicated by the interested person (bank transfer or banker’s draft).

What to do in case…

…the owner has changed residence, so the Bank’s notice may not have arrived.

You had better contact the Bank in order to find out if you are the owner of any dormant contractual relationships and to notify the change of residence. The notice of change of residence or domicile is sufficient to reactivate a dormant account.

…the Bank’s notice has arrived but the owner of the dormant account is deceased.

It is important to remember that not only the owner of the contract can reactivate the dormant account, but also his/her executors. If there are no executors, beneficiaries should notify the Bank that they are entitled to succeed in the deceased’s ownership by filing, for example, a death certificate with the documents necessary for probate and succession procedure.

…you are the owner of more than one dormant account with the same Bank.

Owners don’t have to reactivate all the accounts. It is possible to reactivate only one account. For example, if there is a dormant current account and a dormant deposit account, reactivate one of the accounts to keep both active.

If you need help or advice on this topic, please contact us.


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