Closing a bank account by the customer is allowed and is one extremely widespread practice. But what happens when a close unilaterally the contract is just right the bank with which the account is open?
This is what happened for some current accounts opened with banking institutions UniCredit is Intesa Sanpaolo, that the holders have been closed without the possibility of replicating or implementing any type of procedure capable of blocking this process.
This circumstance was the subject of a parliamentary question brought forward by the senator Armando Siri, who requested explanations on the effective lawfulness of this provision.
Closing current accounts: can banks proceed unilaterally?
Alessio Mattia Villarosa intervened to answer the question, Undersecretary of the Ministry of Economy, in such a way as to clear up any doubts and provide clear and timely references.
Banks can actually decide to close their client’s current account, effectively unilaterally terminating that contract that had taken place with the opening of the account. On the other hand, in order to do so, there must be reasonable and well documented reasons: in fact, such a decision must be precisely described and accompanied by evidence to support the institution’s intentions.
To provide a useful opportunity to close a customer’s account, an investigation by the Finance or the judiciary against the nominee could intervene, where the level of credit risk is deemed too high.
Another hypothetical situation could be the lack of sufficient funds to cover the payment orders received. Usually, however, the bank tends to tolerate these circumstances in order to continue to accrue interest expense on the sums due and to receive payment of the account maintenance costs.