Problems with the switch to a digital bank?

The Competition and Market Authority (AGCM) has taken a precautionary measure against Intesa San Paolo and Isybank to prevent the transition of current account holders to the digital bank without their explicit consent. A significant number of consumers have requested AGCM’s intervention.

According to the Authority, the transfer was planned in violation of the rules established by the Consumer Code.

The transfer would have prevented account holders from physically accessing branches or using internet banking via computers, forcing them to conduct transactions solely through an application. Additionally, the new accounts entail different financial conditions and result in the loss of previously available services. These fundamental changes to existing contracts were imposed without the prior consent of the customers.

Furthermore, communications regarding the transition to the digital banking institute were sent to customers within the application’s archive without employing means that facilitated their consultation. They did not clarify the possibility for customers to oppose the transition adequately. Moreover, these communications did not adequately explain the changes concerning the financial conditions of the new account and the excluded services.

As a result, AGCM has requested both banks to clearly and comprehensively inform current account holders about the features of the new digital banking account and provide them with a sufficient period to explicitly consent to the transfer. This will allow those who oppose it to maintain their existing current account under the same conditions.