Fineco writes to its customers inviting them to move the money parked on current accounts. The information informs customers that, starting next May 18, the bank will have the right to terminate the current account relationship if at the time of withdrawal and in the previous 3 months there are three conditions at the same time: 1) presence on the account of an average liquidity balance for a value equal to or greater than 100 thousand euros; 2) absence of any form of financing, even if already granted but not used, with the exception of credit cards; 3) absence of any form of investment in managed or administered savings products.
The choice is linked to the costs deriving from ever lower interbank interest rates and the consequent increase in liquidity in stock. In the letter, the bank led by Alessandro Foti notes that in 2020 the ECB adopted an expansive monetary policy by resorting to a broad package of economic policy measures that have produced an increase in liquidity, with a consequent increase in current account balances and a ” further reduction in interbank interest rates such as Euribor, the rate used by banks in their financing transactions. “The further reduction of the 1-month Euribor rate – adds Fineco – not dependent on the bank’s decision-making sphere, and the prospect that it will remain at these levels for an even longer period of time have determined, among other effects, an unfavorable impact on liquidity management, with particular reference to that deposited by customers in the current account (especially if for long periods), making it even more onerous for the bank.
“The action is consistent with Finecobank’s strategy of activating actions to transform and make more efficient the` full-liquidity` accounts that are inactive, together with greater selectivity in the phase of acquiring new customers (which sees a new structure of pricing from February 8, 2021) ”, comments Equita SIM which in any case believes that customers who have a significant amount of liquidity on their account and are` inactive` are very few.