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Inventory commissions, limit of 1000 euros and stop on withdrawals: cashless route


From today the threshold for the use of cash changes, which drops to 1000 euros for the single purchase, a limit that cannot be circumvented even by dividing it over time. For example: if I want to buy a 1200 euro television in cash and pay the operator 600 today and 600 in a few days, it is easy for checks to be triggered with penalties ranging from 3 thousand to 50 thousand euros. For foreigners, however, the limit does not apply. Another deadline to keep in mind for this July 1st is the resumption of court activities on the foreclosure operations of houses and current accounts, based on the Milleproproghe decree of March 2021. The sums on current accounts are therefore no longer subject to restriction of unavailability and banks must make them available to the debtor through action by the Revenue Agency. And we remind you that also in July the banks apply the stamp duty for the second quarter of the year, a tax payable by all account holders who have an average balance of more than 5 thousand euros on their account. The annual amount is 34.20 euros, divided into quarterly installments automatically withdraw. Also from today, Ing current account holders will no longer be able to withdraw from ATMs. The bank has in fact decided, with a measure announced a few months ago, to deactivate all its ATMs starting from 1 July, part of a project to reorganize its banking organization. Withdrawals are still possible at other branches, free of charge above 50 euros for all pre-2018 account holders, otherwise with a cost between 45 and 75 cents per withdrawal. “The goal is to move towards a cashless and mobile first model” explained the Ing executives, who have treaded the wave of a mainly young and 96% completely digitalized clientele. A decision that is also accompanied by the closure of many branches, with a significant reduction in costs.In order to contain expenses, some large institutions also pressed against account holders with large deposits and no investments, driven by the legislation that imposes institutions to pay a negative interest of 0.5% on firm capital. In Italy alone we have 1,745 billion (according to the latest ABI data) deposited in the institutions, increasing by about 10% every year. Fineco has announced to about one thousand of its current account holders the closure of the current account with a “firm” deposit exceeding 100 thousand euros (out of almost one and a half million total account holders). Bper and UniCredit, on the other hand, have decided to take the path of imposing “inventory commissions” to make up for the costs incurred. On the other side of the spectrum, the new EBA provision on account holders’ default came into effect in January. while before there was the possibility (paid at a high price with double-digit interest) to send the account in red, with the new rules, in the absence of sufficient availability on the current account, the bank will have to reject automatic payments, such as bills, or, in the case of a company, the salaries of employees. If the liability remains for more than 90 days, the default is triggered.



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