Bearer passbooks, both bank and postal, are close to the terminus. From next July 4th, non-nominative securities will disappear, because they do not guarantee the traceability of the money. Legislative decree 90/2017 provides for it, which transposes the European directive on savings, aimed at combating money laundering and the hidden financing of terrorism.
The regulation on the "Limitations on the use of cash and bearer securities" establishes that from 4 July it will only be possible to issue registered passbooks. The transfer and issue of bearer bonds will be prohibited.
Thus an instrument widely used in Italy by families, especially as a form of deposit for minors' savings, is extinguished.
Existing bearer passbooks must be redeemed or converted by 31 December 2018.
On the procedural side, obviously, the opening of the savings book will become more complicated, because the postal or bank employee will have to identify the beneficiary.
Passbook savings accounts with a balance exceeding 999,99 euros should have been regularized by 31 March 2012, under penalty – as happened in thousands of cases – a fine of at least 3 euros, almost always discovered only at the time of payment of the passbook.
In Poste Italiane's latest balance sheet, passbook savings accounts are still worth 119 billion euros, but - luckily - most of them are now registered.
