From payments to incoming and outgoing bank transfers, passing through the domiciliation of electricity, gas and telephone utilities, the bank or postal current account is a substantially essential product for daily life, and in particular for money management.
And this is also because, otherwise, many cash payments could not be made as they are prohibited by law. Currently, in fact, traceability is mandatory for all payments which, even if divided, exceed the threshold of € 1,999.99. But having said that, what happens when a bank or post office current account is stopped? That is, has it been without movement for a long time?
For example, in this case you end up under the lens of the tax authorities? Or can even the bank, unilaterally, automatically close a current account that has not been in business for too long? So let’s try to clarify this important aspect.
What happens and what risks are there when the bank or postal current account is without movements for too long
In detail, the holder of a bank or postal current account is not obliged to make any transactions. The important thing is that the account is always in surplus, that is, that there is some amount of money in stock, even just one euro.
Having said that, on what happens and what risks are run for the uneventful account, there is also another important thing to add. That is, the bank cannot close the official current account even if there are no movements. And this at least for a maximum period of 10 years. Let’s see why in detail.
When a bank or postal relationship can turn into dormant and what to do
If, on the other hand, for 10 years the bank or postal account has never been moved, then this will become a dormant account according to the law. Furthermore, to be considered as such, the bank or post office current account must have a balance above the 100 threshold euro.
In this case, there is a risk of transferring the funds that are present in the account to the Ministry of Economy and Finance (MEF). Precisely under the current legislation on dormant accounts. However, this can be avoided by waking up the bank or post office account that is dormant. This is an operation that is very simple as it will be enough to carry out any movement in or out of the current account on the report. For example, a wire transfer or a cash withdrawal.
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