Portability of a current account in another bank

Can a payment account be moved from one operator to another? What is the process; Do you have to pay anything?

Whoever finds more favorable terms in another credit institution than the one in which he deposited his savings has the right portability of the current account at another bank. But how does it work and what needs to be done to transfer money from the current account to a new one?

We must say that we are talking about a bank account but also a postal account or any other means that allows you to make the basic payment transactions: deposit, withdrawal, bank transfer, salary credit, etc. Consider cards with Iban, for example. In all these cases, it is legitimate to talk about a “payment account” in which it always exists right to portability.

However, it should be noted that portability does not affect the account as such but the services (other than money, of course) associated with the relationship with the bank or the Italian Post. Basically, it does not happen like when you change voicemail, a function that allows you to take the number with you in addition to the remaining credit. There portability of the current account at another bank includes a new Iban and new coordinates. So what exactly is this right? We see.

Current account portability: what is it?

The first aspect that needs to be emphasized is that current account portability is a right of the consumer. It consists of transferring all or some of the services and the positive balance to another payment account (new or already open) to another institution.

The account holder can decide if closing or self keep the old account open. In case it decides to close it, it can do so as long as it has no outstanding obligations and notify this decision when it requests portability. In case the old account has a negative balance, it is still possible to realize the portability of the payment services.

The transfer operation must be completed within 12 days employee.

Current account portability: when can this be done?

The saver has the ability to do it portability of the current account at another bank when the new account is:

  • opened by a different operator located in Italy.
  • in the name of the same person or persons (in case of joint account).
  • opened with the same currency as the old account (eg always in euros).

Portability is also allowed when the customer:

  • has funding such as a loan or mortgagewhich can be transferred to the new account.
  • There are utilities associated with the account, such as one policy.

Current account portability: what can you transfer?

The customer who chooses portability of the current account at another bank he can transfer all or part of the money he has deposited in his old account, depending on whether he wants to close it or leave it open.

In addition, it is possible to bring all or some of them recurring payment servicesthis means:

  • direct charges (home bills, mortgage payments, etc.)
  • recurring credit by bank transfer (salary, pension, etc.)
  • recurring payment orders (rent, etc.).

Current account portability: what precautions?

Do it portability of the current account at another bank requires the need to take certain precautions. It should be noted, for example, that after the recurring services are transferred, the new account must be completed sufficiently to guarantee payments in order to avoid any non-compliance and related consequences (formal notice, sanctions, etc.).

Minutes:

  • in case the customer decides to apply portability only on part of direct charges and you leave a little more in the old account, you must be sure that there are the necessary deposits in both;
  • if the customer decides transfer all money in the new account but to leave the old one open, he must be aware that the obligations with the old bank remain in force (management costs e.g.). It means that some money must be left there as well.
  • if the customer has issued checks in the old account and have not yet been collected, a sufficient amount must be guaranteed for their payment.

Current account portability: how to request it?

To get it portability of the current account at another bank just submit the relative application to the new institution, who assumes the responsibility of carrying out the transfer in the manner and within the deadlines set by law (within 12 working days), with the cooperation of the old operator. If the old account is jointly the application must be signed by each account holder.

The portability request must indicate the effective date of the transfer: from that date, the transferred payment services will be active in the new account. This date must be after the twelfth working day following that on which the new operator received the request. For example, if the application was submitted on January 2, the date on which the new account will be valid must be at least January 15. Until the previous day, recurring credits and charges will be active in the old account.

Portability is complete Free: neither the old nor the new bank can charge the customer something in this regard, not even in the form of a penalty.

The customer has the right to receive from both operators the necessary assistance for the correct execution of the portability operation.


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