What the regulations provide for “dormant” passbooks and the terms within which it is possible to recover the balance
A 72-year-old theater actor from the province of Lecco rediscovered a savings passbook worth 1,000 lire after 63 years, finding it in an old trunk. The passbook was opened by his parents in 1963 at the Cassa di Risparmio di Trieste.
The actor now seeks to cash in the funds, which have appreciated over time, and has consulted with attorney Stefano Rossi of Associazione Italia in Rome. “The passbook has been estimated by one of our consultants to be worth approximately 50,000 euros, including accrued legal interest, revaluation, and capitalization from the date of issue to the date of discovery,” the attorney stated to Il Giorno. While a substantial sum, recovering the funds presents challenges. As the actor was unaware of the passbook’s existence, the accrued credit may not be subject to the statute of limitations. However, proving this and recovering the funds after more than 60 years is not straightforward. The Cassa di risparmio di Trieste no longer exists, having been incorporated into UniCredit, further complicating the process.
Current Regulations
The recent discovery has renewed discussion regarding “dormant” passbooks – those remaining untouched for over 10 years without any transactions. Savings passbooks to bearer, as commercialist Maurizio Maraglino Misciagnaso explained on Corriere della Sera’s “Ask the Expert” platform, are subject to the rules on the prescription of banking relationships and, more recently, the regulations concerning so-called dormant relationships. Current regulations stipulate that if a relationship remains inactive for 10 years, it is classified as “dormant” and the related funds are transferred to the Dormant Relationships Fund, established in 2006 through the Italian Budget Law and managed by Consap since 2008. If these funds are not claimed for another ten years, they revert to the State, which deposits them into the Fund for Victims of Financial Fraud.
Postal Passbooks
The same principles apply to dormant postal passbooks. Poste Italiane periodically initiates their cancellation, publishing a list of dormant postal passbooks and sending a notification to the holders at the addresses on file. Holders or heirs have 180 days to make a transaction on the passbook, close it, or notify Poste Italiane, at any post office, of their intention to keep it open.
After 180 days and without notification, the passbook is closed and the balance is transferred to Consap.
Prescription Terms
“The statute of limitations applies after 10 years from when the funds, previously untouched for another 10 years, have been transferred to the Fund, with the exception of cashier's checks, which have different prescription terms,” reads the Ministry of Economy and Finance website. “In practice, these are funds that have not been moved for 20 years, for which the Ministry of Economy and Finance deems it appropriate to invite a thorough verification of the existence of ‘dormant accounts’ in one’s name or in the name of family members who may be heirs, in order to submit a request for reimbursement in a timely manner.” The database made available by Consap, responsible for the reimbursement procedures, can be accessed at https://www.consap.it/rapporti-dormienti/rapporti-dormienti-area-cittadini/.
