In the wide range of current accounts available to individuals and businesses in Italy, a particular reality is represented by the current accounts for condominiums . Banco Popolare, for example, offers Condominiums Current Account , a product that allows the administration of the money necessary for the payment of extraordinary and ordinary expenses of condominiums.
Current Account Condominiums
In order for the account to be opened, a resolution of the assembly of condominiums is required, which includes an authorization to open the relationship, with the designation of the administrator (who materially signs the contract). In the resolution it must be indicated which will be the period in which the ‘ administrator will be in charge, and which are the powers which he is entitled in working on the bill. Current Account Condominiums is associated with an ATM card that can be used according to the available balance limit: in other words, overruns are not allowed.
As regards the economic conditions , this product is characterized by a creditor rate of 0.01% for stocks of less than 5 thousand euros, and 0.1% for higher stocks. In the case of transient overdrafts, a 20% annual debit rate is applied. They are allowed, of course, the faithful : in this case, the nominal annual borrowing rate is 15% (which corresponds to an effective rate of 15,865%). For extra credit amounts below 5 thousand euros, the borrowing rate is 16%, which becomes 15% when the amounts exceed 5 thousand euros.
Also note the annual fee for credit availability, equal to 2%; the preliminary investigation commission is 100 euros. Current Account Condominiums is characterized by an annual fee of 30 euros; there are no fees for the calculation of skills, while the issue of the checkbook requires a commission of 1 euro and 20 cents.
Among other expenses, it is worth noting those for processing and sending the paper statement and transparency documents in paper format, amounting to 1 euro and 25 cents (the same documents sent online, on the other hand, are free) . The debit skills , as well as those on credit, are paid every three months, and the frequency of sending the account statement is also quarterly.
The sending of bank transfers , regardless of the bank of destination, provides for a commission of 1 euro and 50 cents if the operation is carried out at the counter, and 50 or 60 cents (depending on the destination bank) if the transaction is carried out through Youweb , that is through the Internet. The additional fixed commission for urgent transfers is 5 euros and 16 cents, plus a commission of 0.1%, to reach a maximum of 51 euros and 65 cents.
Finally, with regard to checks , there are no commissions for the issue of bank drafts, while for checks of trafficking sent by registered mail, a supplement of 3 euros and 78 cents is required.
In short, the Condominiums Current Account of Banco Popolare is a practical, and all in all economic, way to manage the liquidity of a condominium : it is worth evaluating its usefulness with the utmost attention.