With the introduction of the basic current account, the number of beneficiaries of a free account is extended.
The financial inclusion of families and retirees with limited income is consolidated, thanks also to the latest legislative changes introduced in the field of asset management and payments. With the entry into force of the decree of the Ministry of Economy and Finance, which follows and completes the transposition in Italy of the European directive on payment accounts (PAD), the audience of those who can freely access a account with basic features.
The base account is an instrument, aimed primarily at customers with limited financial needs and operations and designed to facilitate the most economically fragile segments of the population, with whom it is possible to carry out a defined number of transactions both in and out of an annual all-inclusive or free fee under certain conditions.
The initiative had been anticipated by Italy as early as 2012: at that time the basic account was introduced, with an agreement between the Bank of Italy, Mef, Abi, the Post Office and the Italian Association of Payment and Electronic Money Institutions (AIIP). The changes introduced by the decree broaden the number of people who can access the free basic account and provide for a simplification of the basic account for retirees.
The basic current account is one of the initiatives to promote more efficient payment instruments to promote wider financial and social inclusion.
What changes
Specifically, for citizens, the minimum ISEE levels change to access the basic current account without expenses and without stamp duty (from 8.000 to 11.600 euros). An increase is also introduced in the number of free annual operations provided for those entitled to retirement benefits up to the gross annual amount of 18.000 euros.
How to access the basic account
All consumers legally residing in a Member State of the European Union, including homeless consumers and asylum seekers, can apply for a basic account. The account is offered free of charge and without stamp duty to citizens with an Isee of less than 11.600 euros (certified by the 31 of May each year) and pensioners with INPS allowance not exceeding the gross annual 18.000 euros.
The operations included
The package of operations includes each year: a release, replacement and renewal of the debit card, 6 cash withdrawals at traditional counters (12 in the account reserved for retired persons), unlimited withdrawals at the ATM if carried out at any location of its lender payment services, 12 withdrawals (6 in the retirement account) at the electronic counter of other banks, unlimited Sepa direct debits, 36 payments (unlimited in the account reserved for pensioners) received by Sepa transfers (including salaries and pensions), 12 recurring payments (6 for retired people) and non-recurring 6 (service not included in retirement account) made by Sepa wire transfer with account charge, 12 cash payments and checks (6 for retired people), a communication on transparency and 4 statements and periodic information, an unlimited number of debit card payments.