Unclaimed financial assets in Italy: What happens to forgotten treasures, dormant accounts, and expired policies?

MILANO – Under the mattress, in the cavity of a wallin an old safe. The forgotten treasures, but also current accounts and deposit books are often the result of late discoveries and great disappointments for savers (almost always heirs) who find the titles or certificates of ownership of bank relationships after a long time. The matter was governed by the law of 23 December 2005 and it concerns current accounts, savings books, postal bonds, life insurance policies, with different “latency” periods according to the instruments. Still in general, it should be borne in mind that the period for calculating the prescription starts from expiry date of the financial product, not from the moment of discovery of the asset itself.

A dormant account it is defined as such if it has not been moved for ten years, i.e. no transactions of any kind are made (neither deposits nor withdrawals). At the end of the ten years, the sums deposited (provided they are greater than 100 euros) are transferred by law to the public fund Consapwhich keeps it for another ten years, available to anyone who requests it (and demonstrates ownership, perhaps as an heir). After 10 years from the transfer, the money becomes uncollectible. Therefore, after a total of 20 years have passed since the last transaction recorded in the current account, the money is definitively lost and absorbed by the State. Consap website it gives you the information you need to verify your position and if you are eligible, make a request to get your money back.

In the case of one life insurance policy, the related rights lapse in 10 years from the date of the event. So, from the death of the insured or from the expiry of the contract. After 10 years, the sums are always deposited by the insurance companies with Consap; you can contact the Public Fund for clarification on your position and on the possible possibility of reimbursements (in the past there have been exceptional provisions, with provision for partial reimbursement of the sums).

Government bonds and postal savings bonds. For government bonds since 2003 the statute of limitations is triggered 5 years after expirywhile for postal savings bonds ten years must pass. In both cases, however, the securities are now dematerialized and the paper versions are residual, therefore upon expiry the relative amounts are credited directly to the current account which refers to the saver’s securities deposit. So, except in special cases falls under the discipline of dormant accounts.

Finally, at the time of transition from lira to the euro there was a period of conversion, which went on until 28 February 2012. Following a sentence by the Cassation, a new window was then opened in 2016: on that occasion Via Nazionale converted again banknotes with a countervalue of 2.7 million euros. From that moment on, the old lire no longer have a current value.