Isybank, what will change for Intesa Sanpaolo account holders
New update in the procedure for transferring customers from Intesa Sanpaolo to Isybank. Facts, details and insights
More effects for Intesa Sanpaolo after the incisive warning from the Market Guarantor regarding the transfer of customers from Intesa Sanpaolo to Isybank. Here are all the details.
WHAT'S NEW BETWEEN INTESA SANPAOLO AND ISYBANK
New update in the procedure for transferring customers from Intesa Sanpaolo to Isybank. The banking group led by CEO Carlo Messina (in the photo) will allow you to choose whether to remain in the group's digital bank or return to Ca' de Sass. Communication for customers was also the subject of an Intesa Sanpaolo advertisement in some paper newspapers today, such as in the Foglio directed by Claudio Cerasa.
WHAT CHANGES FOR INTESA SANPAOLO CUSTOMERS AFTER THE LAUNCH OF ISYBANK
Specifically, Intesa Sanpaolo customers transferred to Isybank on 16 October 2023 will be able to decide to open a new account relationship with Intesa Sanpaolo under conditions equal to or better than the original ones. Customers for whom the transfer was scheduled for March 18, however, will be informed that it will not be possible to proceed without their express consent.
THE ANTITRUST EFFECTS FOR INTESA SANPAOLO ON ISYBANK
Intesa Sanpaolo's new move aims to close the procedure started by the Antitrust. The market and competition authority – with a resolution – had issued a precautionary measure against Ca' de Sass and Isybank to prevent account holders who had not provided their express consent from switching to the digital bank. For the Antitrust, the transfer took place in ways that did not comply with the provisions of the Consumer Code; a resolution with harsh and disruptive contents and effects ( here is the in-depth analysis by Start Magazine ) on which the Agcm returned with other inputs because the group had not fulfilled all the indications of the authority chaired by Roberto Rustichelli.
According to the authority, "the communications were transmitted in the archive section of the app without adopting measures that encouraged their reading". In mid-2023 Intesa Sanpaolo had identified approximately 2.4 million of its customers with predominantly digital operations and had decided to transfer them to Isybank in two tranches. The first, which involved 275 thousand customers, was dated 16 October 2023. The second, however, should have ended on 18 March.
Also given the case of the tax on extra profits, as well as the friction as mentioned between Antitrust and the leading Italian bank, many observers have asked themselves: what is happening between institutions and Intesa Sanpaolo?
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HERE IS START MAGAZINE'S INSIGHTS ON THE TOPIC. DATE: NOVEMBER 30, 2023
The Competition and Market Authority returns to deal with Isybank and, less than a month after the start of the investigation, has decided to adopt precautionary proceedings to prevent the transfer to the digital bank of Intesa Sanpaolo account holders who do not provide your express consent.
So far, the Antitrust has received over 5,000 reports from individual consumers and associations representing them, of which more than 3,000 after the launch on November 2nd.
WHAT DOES THE TRANSFER BETWEEN INTESA SANPAOLO AND ISYBANK INVOLVE?
To better understand the issue, it is necessary to remember that from 1 October a first tranche of 300 thousand Ca de' Sass customers, already active in home banking, were assigned to Isybank, the bank led by Antonio Valitutti (in the photo); a transfer that will affect a total of approximately 2.4 million digitally advanced account holders, i.e. under 65 years of age, who have not been to a branch even once in the last year and without a securities deposit. Customers with balances exceeding 100 thousand euros are excluded from the group. In summary, there are two main changes: no branches in the area and internet banking only via app; a new Iban (but for a while the transfers made to the previous Iban will be automatically transferred to the new one). Furthermore, Isybank does not allow online trading or investments, it does not provide its account holders with virtual cards to make secure online purchases, bank checks and access to mortgage contracts.
WHAT THE AGCM DISPUTES
According to the Authority led by Roberto Rustichelli, the transfer of customers from one bank to another was envisaged in ways that were not compatible with the Consumer Code. In fact, these changes to the previously stipulated contracts were imposed unilaterally, therefore without prior consent to the change having been requested. Furthermore, the communications relating to the transfer to Isybank were sent to customers in the archive section of the Intesa Sanpaolo app without adopting measures that encouraged their reading (for example push notifications and pop-ups) and did not make it clear that in this way the customers might have opposed the move. Finally, the communications did not adequately indicate the changes relating to the economic conditions envisaged by the new current account and the services no longer included.
WHY PIAZZA VERDI DECIDED TO ADOPT A PRECAUTIONARY MEASURE
Now, however, considering that reports continue to arrive, the AGCM has chosen to intervene in a more incisive way, without waiting for the conclusion of the investigation and has foreseen that the two banks, "subject to clear and exhaustive information on the characteristics of the new Isybank account, give account holders a reasonable deadline to provide their express consent to the transfer". In this way, anyone who opposes it will be able to keep their previous current account under the same conditions. Intesa Sanpaolo and Isybank have ten days to communicate to Piazza Verdi the measures adopted to comply with the precautionary measure.
THE POSITION OF INTESA SANPAOLO
“All authorities must be respected. It is clear that we believe we have operated in compliance with the laws of this country and have received authorizations from the Bank of Italy and the ECB". Thus the CEO of Intesa Sanpaolo, Carlo Messina, responding to a question on the Antitrust regarding Isybank. “But – he adds – it is also true that, if even a limited number of customers, and we are talking about around 2,000, have not found our procedures to be the best ones to use, we will ensure that this can happen”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/isybank-cosa-cambiera-per-i-correntisti-di-intesa-sanpaolo/ on Thu, 04 Jan 2024 10:38:55 +0000.