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Transparency

Warning in terms of the main transparency regulations

You are advised to read through your rights carefully before choosing one of these products and signing the contract. Any consumer wishing to open a bank account or obtain a loan can request the free Guides that explain in a simple manner how to choose these services, as well as how they work and how much they cost. The Guides can also be downloaded from the website at www.dobank.euand from www.bancaditalia.it

Rights

Before you choose 

  • Have this document at hand and take it with you.
  • Have the information sheet for each product, which explains its features, risks and all the costs involved at hand and take it with you. Obtain free of charge and take with you a full copy of the contract and/or the summary document even before accepting any deal and with no obligation whatsoever on either party. An agent's fee is payable, but only in the case of loan agreements. However, in the case of loan agreements, the customer can obtain and take away with him a free copy of a pro-forma contract and a quotation. Moreover, it is possible to obtain a copy of the loan contract at any time once a contract finalisation appointment has been made with a notary.
  • Find out the TAEG (Effective Total Annual Interest Rate) on loan agreements and examples of an ISC (Summary Costs Indicator) for the bank account.
At the time of signing 
  • View the summary document containing all the financial terms and conditions attached to the contract.
  • Stipulate the contract in written form, except in the cases envisaged by the law.
  • Receive a signed copy of the contract from the agent and a copy of the summary document, which you should keep for record keeping purposes.
  • Don't accept any contract conditions that are less favourable than those specified in the information sheet and the summary document.
  • Choose the communication channel, either digital or paper-based, via which you will receive all communications.

During the contractual validity period

  • Receive an account status report at least once per year in the form of an account statement and a summary document.
  • Receive notification of any proposed unilateral changes to the contract conditions from the agent if the contract conditions provide for this. The proposal must reach you at least two months before the date on which the changes come into effect and must specify the reasons for said changes. You can reject the proposed changes by no later than the date on which they come into effect, thus blocking the contract at the previous conditions.
  • Receive a copy of the statement reflecting all individual transactions performed over the past ten years, at your own expense, within 90 days after the date of the request or even after closure.
  • In the case of bank accounts, both debit interest and credit interest are capitalised with the same frequency.
  • In the case of loan agreements, you may transfer the agreement ("portability") to another agent without incurring any penalties or additional costs in cases where this is envisaged by the law.
  • In the case of mortgage loan agreements, the mortgage agreement will remain in force and you will continue to pay the same instalment amount at the specified times even in the event of late payment of an instalment, as long as this does not occur more than seven times.

Closure

  • Shut down any permanent accounts, for example current accounts and safe custody accounts, at any time without incurring any penalties or closure costs. In the case of mortgage loans for the purchase or renovation of a property used for domestic or business purposes, pay off part of the mortgage or the entire mortgage early without incurring any additional levies, costs or penalties. For certain of these loans entered into prior to April 3rd 2007 and that provide for penalties, these may be reduced (for information go to www.abi.it - Mortgages section). In the case of other loans involving a mortgage, the customer can pay off the entire mortgage or part thereof in advance and only be required to pay the single once-off sum stipulated in the mortgage loan agreement and in accordance with the criteria established in the law. The agreement termination will be completed within the time period specified on the information sheet.
  • Receive a statement confirming the termination of the agreement and including a summary of all the transactions performed.

Banking Financial Arbitrator

 
The Information sheets and Guides are in downloadable and printable format and are available to customers.
For additional information contact customer services at 800.44.33.94 (Fax +39 06 4561 9003), open Monday to Friday from 08h30 to 17h30.

The documents are not accessible as specified by Law No. 4, dated January 9 2004, but a summary of the information contained therein is available on the web page. For further details go to the website at www.arbitrobancariofinanziario.it
 

What has changed with regard to the management of the banking crisis

We wish to bring to the attention of all our customers the BRRD directive (Bank Recovery and Resolution Directive), which introduces harmonised rules for the prevention and management of the crisis facing banks and investment firms.

The new regulations will enable the parties involved to manage the crisis in a more orderly fashion using more effective tools and private sector resources, thereby reducing the negative effects on the economy. On 2 July, Parliament approved the European enabling law containing the mandate for the Government to enact the legislation.

With the enactment of the European directive on the management of any banking crisis, with effect from 2016, where necessary and only in cases of extreme intervention, the bank's creditors, with the exception of depositors with less than 100,00 Euro, which are specifically excluded from the 'bail-in' and will continue to be protected by the Deposit Guarantee Fund, may be called upon to contribute towards the resolution of any crisis facing a bank.

Herewith the document entitled "What has changed with regard to the management of the banking crisis" as issued by the Bank of Italy for consultation purposes.

The new rules regarding compound interest and interest calculations

Herewith the Bank of Italy information sheet illustrating the details of the new provisions concerning the calculation of interest in banking transactions.