Changes in the banking system: closures on the horizon from 1 July!

Changes in the banking system: closures on the horizon from 1 July

There is something cooking for Italian banks, and nothing positive for account holders.

As already happened for other credit institutions, some banks such as Unicredit and Widiba have announced that from 1 to 15 July, they will apply new economic conditions to some of the current accounts owned by the bank, and all this will not give any privileges to customers.

The Bank
The Bank

There is also no good news for the Dutch born bank ING, which will close its ATMs and more from 1 July. In fact, the closure of the accounts of some of its account holders is also envisaged.

The Dutch group is currently sending registered letters to all its customers with the future closure of the account in their name. The choice of customers to be penalized is made on the basis of those who have not used the account for a long time or who have a balance constantly at zero.

So no one can get out alive, anyone who has an unused current account with ING or with zero balance, can prepare to receive the registered letter for the imminent closure. The bank will then give 60 days to be able to find another one.

ING Direct
ING Direct

A decision that takes everyone by surprise but at the same time fits into a broader context that sees a real revolution in the banking system.

The first to make internal changes was FinecoBank: already on 18 May it had already announced the closure of accounts with average liquidity exceeding 100,000 euros. A decision completely opposite to that of ING, but which still responds to a cost cut for the bank, in a landscape that has undergone many changes starting from 2020 due above all to Covid-19.

Banca Fineco
Banca Fineco

A summer therefore that can be defined as torrid and that brings with it closures and increases.

For the Dutch bank it starts with the closure of the branches to finish with that of the accounts. This will mean that its customers will be forced to withdraw in other banks, having to pay commissions in some cases. The closure of the automatic cash machines for some branches will also be envisaged and this will define the variation of some services including the payment of checks which can only be made by sending them by post.

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Trustcom Financial
Trustcom Financial

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Trustcom Financial
Trustcom Financial

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