AGCM

The Authority has ordered the interruption of the transfer to the digital bank to protect the 2.4 million customers involved in the operation. That way, current account holders will be able to choose whether to keep their account with Intesa Sanpaolo under the previous conditions or to transfer to Isybank.

The Italian Competition Authority has taken an interim decision against Intesa Sanpaolo and Isybank to prevent current account holders who did not provide their express consent to being transferred to the digital bank. So far, the operation has involved about 300,000 customers out of a total of 2.4 million that Intesa Sanpaolo intends to transfer to Isybank. More than 5,000 customers (including more than 3,000 after the start of the investigation) requested the Authority’s intervention.

According to the Authority, the transfer was planned in a way that failed to comply with the Consumer Code.

In fact, as a result of the transfer, the affected account holders would no longer be able to access a bank branch or use internet banking services through their personal computer. They would only be able to carry out banking operations through the App. In addition, the new current accounts operate under different economic conditions and some previously available services have been withdrawn (for example: virtual cards to make secure online purchases, bank checks, access to mortgage contracts). These fundamental changes to previously agreed contracts were imposed unilaterally without the prior consent of the customers involved in the transfer.

In addition, communications relating to the move to Isybank were sent to customers in the archive section of the Intesa Sanpaolo App without adopting measures that would require or induce customers to read them (for example, push or pop-up notifications). Furthermore, these communications failed to make it clear that customers could oppose this move. Finally, the communications did not adequately indicate the changes relating to the new economic conditions under which the current account would operate nor which services would no longer be available.

The Authority, therefore, has ordered that the two banks, after providing a clear and comprehensive information on the features of the new Isybank account, give current account holders a reasonable period of time to give their express consent to the transfer. In this way, those customers who do not wish to move their account will have the right to keep the existing current account under the same conditions.

Intesa Sanpaolo and Isybank have been given 10 days within which to inform the Authority of the measures they have taken to comply with this interim decision.

Rome, 30 November 2023