Current account: beating arrives for Poste Italiane customers

Bad news, PUBLISHED:

Estimated reading time: 4 minutes

by Davide Pantaleo

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Current account Poste Italiane BCE Interest rate

Poste Italiane also decides to strike its customers, with the application of a tax that can be quite expensive. Here’s who has to pay and how much.

Once it was the banks who hoped that you would become their customer and deposit your savings, which could then be used to provide loans to individuals and even more so to businesses.

Faced with the use of this liquidity, credit institutions will also offer attractive interest rates that certainly encouraged not to keep money under the mattress.

Current account: the liquidity drama for banks

Today things have changed radically and in truth the scenario has undergone major changes for some time now.

In fact, for 7 years now, the ECB has decided not only to reset the deposit rate, but even to bring it into negative.

Currently it stands at just under -0.5% and this means that if a bank deposits its liquidity with the ECB today, not only will it not receive any remuneration, but will have to pay 0.5% on the deposited amount.

In other words, liquidity has now become a cost and several banks in Italy have already decided to somehow buffer this disadvantage, by directly discharging the costs associated with still cash to the customer.

Current account: Poste Italiane initiates negative deposit rates

A path that has also been taken by Poste Italiane which in recent months has sent a letter to some customers, to inform them of the application of negative rates on their liquidity.

Bad news therefore for those who have an open current account with the Italian Post Office, even if fortunately the customers affected by this move are somewhat limited.

In fact, the transfer of negative rates to the account holder will only concern those who have daily balances exceeding 5 million euros.

For customers who have a current account with a similar balance, starting from September 15, 2021, the Eonia, i.e. the Euro Overnight Index Average, is applied.

In other words, it is the reference average interest rate in very short-term transactions.

Currently this rate is around -0.49%, therefore applied to an average daily balance of 5 million euros, it entails an outlay of 24,500 euros for the customer to be paid to Poste Italiane.

Current account: the reasons for the sting of Poste Italiane

As explained in the letter sent to customers, “the trend in interest rates recorded in recent years has led to a persistent imbalance between the costs incurred by Bancoposta for managing the accounts and revenues associated with the use of inventories”.

Even Poste Italiane has thus decided to intervene and have the customer pay this cost linked to the liquidity held in the current account directly.

Current account: customers at risk with Poste Italiane

Undoubtedly bad news for Poste Italiane customers, but fortunately this new tax will not be applied to everyone.

As mentioned before, it will only concern relationships with an average daily stock exceeding 5 million euros, therefore, as it is easy to guess, most of the customers will be saved.

Given the size of the threshold beyond which the application of negative rates will trigger, it is easy to understand that the audience affected by this move by Poste Italiane will be limited and will mainly concern corporate customers.

Trend-online Deputy Director, born in 1978.
After completing his studies at the Classical High School “Antonio Calamo” of Ostuni I entered the world of economics.
For about twenty years I have been dealing with Stock Exchange and Finance. After having worked as a financial promoter for several years, in 2005 I joined the Trend-online team as an editor, to later become deputy director of the cylinder head. Among other countless activities, I take care of maintaining relationships with all the experts, analysts and traders, consulted daily by Trend-online.

My motto is? “Life is like a mirror, if you look at it smiling it will smile at you”.

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