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Accounts over 100 thousand euros, Fineco will reimburse the costs to customers with a single current account

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No account closure for customers with over 100 thousand euros who do not have alternative accounts. For this target, a reimbursement of expenses and commissions is also envisaged for those who have invested in alternative products to liquidity (over the threshold of 100 thousand euros).
Finecobank makes clear commitments to customers after the conclusion of the preliminary investigation by the Antitrust, which on 1 April had opened an investigation against the bank for an alleged unfair commercial practice.

Agcm itself communicates the outcome of the procedure in a note, which specifies that the authority has accepted the commitments presented by the credit institution to resolve the critical issues.

The credit institution, the note recalls, in a letter dated 18 March 2021 had in fact communicated to the holders of current accounts a change in the relationship according to which, in the presence of a liquidity balance equal to or greater than 100,000 euros and in the absence of investments or loans linked to the account, he could have terminated the relationship.

According to the hypothesis of starting the investigation, with this contractual amendment FinecoBank could exert pressure on account holders to induce them to subscribe to financial and / or asset management services, however with onerous economic conditions, in order to divert liquidity exceeding 100,000 euros towards more profitable forms of financing or investment for the bank and leaving the closure of the current account as the only alternative for customers.

However, this is a penalizing alternative for account holders, considering the costs borne by them for transferring the account to another credit institution. Among these, the one according to which the company will not exercise the withdrawal in the event of account holders without an account in another credit institution, which would suffer to the maximum extent the effects of the termination of the relationship, stands out.

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Accounts thousand euros Fineco reimburse costs customers single current account

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