Italian banks must belong to a depositor guarantee scheme established and recognized in Italy. Membership is a necessary condition for the exercise of banking activity.
Branches of non EU banks operating in Italy adhere to FITD, unless they participate in an equivalent foreign guarantee scheme.
Branches of EU banks operating in Italy may adhere to FITD in order to supplement the coverage provided by their home deposit guarantee scheme.
The guarantee also applies to legal persons with the exclusions provided for in Art. 30, paragraph 2 of FITD Statutes.
Yes, under age depositors have the same protection as adult depositors. However, their rights are exercised by the holders of parental responsibility.
On-line banks are members of FITD as well as the other banks.
It should be noted that sometimes the denomination "on-line bank" refers to a commercial product offered by a bank, rather than to the bank itself. In such cases, the product is covered by FITD only if it is a deposit eligible for guarantee.
FITD coverage applies to: current accounts, cash and time deposits, nominative certificates of deposit, nominative saving books and banking drafts.
Bearer deposits are not protected by FITD.
Bearer deposits are not protected by FITD.
These Instruments issued by the bank in compulsory administrative liquidation, are not included in the scope of protection offered by FITD.
No, because they do not qualify as deposits and, therefore, they are not covered by FITD.
However, if the prepaid card is associated with an International Bank Account Number (IBAN), it is equivalent to an ordinary deposit and is covered by FITD.
No, goods kept in a safe-deposit box of a bank are not guaranteed by FITD. However, in case of liquidation, they are handed back to the owner.
No, because gold is not money but a physical deposit. However, in case of administrative compulsory liquidation, the property is handed back to the owner.
The level of coverage is 100,000 euro per depositor per institution, apart from membership to the same banking group.
The coverage level of 100,000 euro is applied by aggregating the various deposits held by the same person, at the same bank.
If Mr. Rossi has 2 accounts at Bank A, one equal to 70,000 euro and one equal to 50,000 euro, he has a credit of 120,000 euro and, in case of liquidation of the bank, he will be reimbursed up to 100,000 euro only.
In case of joint accounts, the coverage level is applied in proportion to the number of joint holders. Joint accounts are also taken into account when aggregating the deposits of the same depositor, as mentioned in question 12.
The joint account amounts to 100,000 euro and the co-holders are 2. Each co-holder is entitled to 50,000 euro.
The joint account amounts to 300,000 and the co-holders are 2. Each co-holder is entitled to 100,000 euro.
If Mr. Rossi has 2 accounts at Bank A, one personal and equal to 80,000 euros and one as a joint account with his spouse and equal to 120,000 euro (60,000 euro pertaining to each of the joint holders), he will have a credit equal to 140,000 euro (80,000 + 60,000), while his spouse will have a credit of 60,000 Euros. In case of depositors’ reimbursement, Mr. Rossi will be reimbursed for 100,000 Euros, while his spouse for 60,000 Euros.
The reimbursement of depositors occurs only in case of Compulsory Administrative Liquidation of a bank.
Depositors are reimbursed within 20 working days from the date on which the Compulsory Administrative Liquidation of the bank started; with the full implementation of the 2014/49/UE Directive, the term will be soon reduced to 7 working days.
The depositor does not have to make any request for reimbursement because the FITD deals with the reimbursement.
The maximum level of 100,000 euro includes any interest accrued by the date on which the effects of the administrative compulsory liquidation come into force.
If a person has a balance account of 80,000 and at the administrative compulsory winding-date is entitled to interests for 5,000 Euros, will be reimbursed of 85,000 Euros.
Amounts exceeding the limit of coverage of € 100,000 will not be reimbursed by FITD; the residual credit of the depositor is recorded in the bank's liabilities and may be part of the recovery sharing in liquidation.
FITD will make the reimbursement in the deposit currency.