Illimity Current Account - Classic and Premium for Consumers

About the Bank

Bank: illimity Bank S.p.A.

Address: Via Soperga 9 - 20124 Milan

Phone: 02.82849660

Website: www.illimitybank.com

PEC: illimity@pec.illimity.com

illimity Bank S.p.A. is registered with the Bank of Italy and is part of the illimity Bank S.p.A. Group. It adheres to the Interbank Deposit Protection Fund and the National Guarantee Fund.

What is a Current Account?

A current account is a contract where the bank provides cash services for the client, including safekeeping of savings and money management. It offers various services such as cash deposits and withdrawals, payments within the available balance, debit cards, credit cards, checks, bank transfers, direct debits, and credit lines.

Linked services may include expense planning and savings deposit services, subject to separate general and specific contract conditions.

Typical Risks

Current accounts are generally secure. The primary risk is counterparty risk, where the bank may be unable to reimburse the available balance. To mitigate this, illimity Bank adheres to the Interbank Deposit Protection Fund, ensuring coverage up to €100,000 per customer.

Other risks include the loss or theft of checks, debit cards, credit cards, or identification data and passwords for internet access. These risks are minimized by following standard prudence and security measures.

Risks Associated with "Bail-in"

The "bail-in" mechanism, introduced by Directive 2014/59/UE, allows resolution authorities to reduce the value of shares and certain credits, or convert them into shares, to absorb losses and recapitalize a bank during resolution. The bail-in process follows a hierarchy, starting with shareholders and then moving to creditors based on the riskiness of their instruments.

The hierarchy for bail-in is as follows: shareholders; holders of other capital instruments; subordinated creditors; unsecured creditors; individuals and SMEs with deposits exceeding €100,000; and the deposit guarantee fund.

Subscription/Usage Requirements

Accounts are reserved for individuals (consumers) acting for purposes outside their business, commercial, artisanal, or professional activities. Applicants must be resident and have their tax domicile in Italy. US citizens are excluded. The bank may request additional documentation from non-EU citizens.

The Illimity Account requires mandatory activation of Telematic Services. For customers with few transactions, the Basic Account may be more suitable.

Further information can be found in the practical guide to current accounts on the Bank of Italy website (www.bancaditalia.it) and the bank's website (www.illimitybank.com).

Main Economic Conditions

The following sections detail the fees and charges associated with the Illimity Classic and Premium accounts. These figures are approximate and include potential penalties, fiscal charges, and accounting fees.

Illimity Account - Classic Package

Fixed Expenses

• Account Opening Fee: €0.00
• Quarterly Account Maintenance Fee: €9.00
• Annual Account Maintenance Fee: €34.20 (includes stamp duty if average annual balance exceeds €5,000)
• Total Annual Fees: €70.20 (with quarterly debit)

The quarterly fee is waived if, each month of the quarter, at least one of the following conditions is met:

• Accreditation of salary or pension in the month.
• Deposit balance of €5,000 or more at the end of the month.

The quarterly fee is reduced by €3.00 for each month the condition is met. The fee is waived for the opening month and for the month of switching from Smart or Plus packages to Classic.

Illimity Account - Premium Package

Fixed Expenses

• Account Opening Fee: €0.00
• Quarterly Account Maintenance Fee: €21.00
• Annual Account Maintenance Fee: €84.00 (includes stamp duty if average annual balance exceeds €5,000)

For new Premium account openings or switches to Premium, the stamp duty is covered by the bank up to a maximum of €34.20 annually.

A promotional quarterly fee of €10.50 may apply for customers under specific agreements.

Variable Expenses and Services

Payment Services

• Number of operations included in annual fee: Unlimited (subject to document-specific fees)
• Annual fee for interest and commission calculation: €0.00
• Debit Card Issuance (Mastercard): €0.00
• Credit Card Issuance (Nexi): Annual fee for the first card: €0.00; Annual fee for subsequent cards: €20.00. Monthly fiscal charges: €2.00. Total annual expenses for the first card: €24.00; for subsequent cards: €44.00.
• Credit Card Issuance (Prestige): First year annual fee: €0.00; Second year onwards: €36.00. Monthly fiscal charges: €2.00. Total annual expenses for the first year: €24.00; from the second year: €60.00.
• Checkbook Issuance: Service not available.
• Annual fee for internet and phone banking: €0.00
• Statement Issuance: €0.00 online; €0.55 paper upon request.
• Documentation for individual operations: €6.25
• Other communications: €0.00 online; €0.55 paper upon request.
• Cash Withdrawal at ATMs (other banks):
  • €0.00 for withdrawals ≥ €100 (up to 3 per month).
  • €1.50 for withdrawals < €100.
• Cash Withdrawal at ATMs (outside Italy):
  • In Eurozone: €0.00 for withdrawals ≥ €100 (up to 3 per month); €1.50 for withdrawals < €100.
  • Outside Eurozone: €0.00 for withdrawals ≥ €100; €2.00 for withdrawals < €100.
• Bank Transfers (SEPA):
  • To own bank: €0.00 (Internet Banking/Telephone Banking).
  • To Italy and other SEE countries: €0.00 (Internet Banking/Telephone Banking).
  • To Extra-SEE countries: €8.00 (Internet Banking).
  • Extra-SEPA transfers: €8.00.
  • Standing orders: €0.00 (Internet Banking).
  • Direct debits: €0.00.
  • Prepaid card top-up: €1.00 (Internet Banking).

Interest on Deposited Sums

Creditor Interest

• Nominal Annual Creditor Interest Rate: 0.50% gross per annum. Promotional rate of 1.75% until 31/12/2025 for new Premium accounts or switches.

Credit and Overdraft Facilities

Credit Facilities

• Nominal Annual Debtor Interest Rate on Used Sums: Not applicable.
• All-inclusive commission: Not applicable.
• Nominal Annual Debtor Interest Rate on Extra-Fido Used Sums: Not applicable.
• Quick issuance commission for Extra-Fido utilization: Not applicable.
• Nominal Annual Debtor Interest Rate on Sums Used Without Fido: 10.000%.
• Quick issuance commission for utilization without fido: Daily maximum: €25.00; Quarterly maximum: €200.00.

The commission is waived if the total overdraft in the quarter is ≤ €500.00 and does not exceed seven consecutive days. This waiver applies once per quarter.

Account Closure and Complaints

Contract Termination

The contract is for an indefinite period. Both the client and the bank can terminate the contract by providing written notice. The client can also terminate via the personal area or other methods provided by the bank.

Termination of the current account contract also applies to linked services, except for fixed-term deposit lines without early withdrawal.

Right of Withdrawal

Consumers have a 14-day cooling-off period from the contract conclusion date to withdraw by sending written notice to the bank's address or PEC. This withdrawal does not incur penalties and the reason does not need to be stated.

Maximum Time for Contract Closure

Contract closure typically takes up to 15 days, but may be longer if the client does not provide necessary information or documentation.

Applicable Law and Competent Court

The contract is governed by Italian law. For consumer disputes, the competent court is the client's place of residence or domicile; otherwise, it is Milan.

Complaints, Appeals, and Alternative Dispute Resolution

Clients can submit complaints to the bank via registered mail, email, PEC, or through the personal area. The bank will respond within the legally stipulated timeframes (60 days for banking services, with exceptions for insurance and payment services). If unsatisfied, clients can refer to the Banking and Financial Arbitrator (ABF) or pursue ordinary judicial channels. Mediation is a mandatory condition before initiating legal proceedings.

Specific Provisions

Transfers and Services

Certain provisions regarding transfers and services will apply from September 26, 2025, including instant transfers within Italy and post-dated instant transfers.

Limits for Transfers

The maximum limit for ordinary and instant transfers is €15,000 per transaction. Clients can adjust these limits within contractual provisions.

Glossary

• Direct Debit: Authorization for a third party to transfer funds from the client's account.
• SEPA Transfer: Transfer of funds within SEPA countries.
• Extra-SEPA Transfer: Transfer of funds to non-SEPA countries.
• Annual Fee: Fixed fee for account management.
• Interest Capitalization: Interest earned is added to the balance and accrues further interest.

Conditions for Specific Operations

• Quick Issuance Commission: Fee for processing operations that result in or increase an overdraft.
• Comprehensive Commission: Commission calculated proportionally to the credit line and duration, capped at 0.5% per quarter.
• Availability of Deposited Funds: Number of days after deposit until funds are usable.
• Documentation for Individual Operations: Delivery of documents for client transactions.
• Credit Facility (Fido): Agreement allowing the bank to make funds available to the client beyond the available balance.
• Standing Order: Periodic transfer of funds from the client's account to another account.
• Cash Withdrawal: Operation where the client withdraws cash from their account.
• Prepaid Card Top-up: Crediting funds to a prepaid card.
• Credit Card Issuance: Issuance of a payment card linked to the client's account.
• Debit Card Issuance: Issuance of a payment card linked to the client's account.
• Checkbook Issuance: Issuance of a checkbook.
• Account Balance: Difference between credited and debited operations in order of registration date.
• Available Balance: The portion of the account balance that the client can use.
• Balance for Value Date: Balance calculated based on the value date of transactions.
• Overdraft: Using funds beyond the available balance or credit line.
• SEPA: Single Euro Payments Area.
• Fee per Single Operation Not Included in the Fee: Charge for operations exceeding the included allowance.
• Annual Fee for Interest and Commission Calculation: Fee for periodic calculation of interest and commissions.
• Statement Issuance: Sending account statements.
• Nominal Creditor Interest Rate: Annual rate for calculating interest on deposited sums.
• Nominal Debtor Interest Rate: Annual rate for calculating interest on used credit facilities or overdrafts.
• Account Maintenance: Bank's management of the account for client use.
• Value Date for Cash Withdrawal: Number of days between withdrawal and interest accrual start date.
• Value Date for Cash Deposit: Number of days between deposit and interest accrual start date.
• Effective Global Interest Rate (TEGM): Interest rate published quarterly by the Ministry of Economy and Finance, used to determine if a rate is usurious.