Withdrawals

What does the right to withdraw from a current account agreement mean?

Customers may close their current accounts and terminate the associated relationships/services at any time without incurring penalties or charges. In this event, the contractual terms and conditions existing at the effective date of the closure will continue to apply to transactions in progress at that date.

How are your current account's products and services managed?

On closing a current account, termination will also become effective of the following associated relationships and services:

Payment cards

If you hold one or more illimity payment cards, closure of the current account will also hold for payment services.

Recurring credits or charges on current accounts

If your salary or wages are credited to your account or if you have authorised direct debit charges you will need to contact the related counterparties to provide them with the new coordinates or withdraw the authorisations in good time.

Spending Budgets and Deposit Accounts

On closing current accounts, Spending Budget and Deposit Account agreements will also be terminated, with the resulting cancellation of active facilities and the impossibility to open new deposit lines. On closing a Classic Account or a Premium Account or an Azimut Premium Account with signature from 27 April 2023 the restricted facilities existing at the closure date will remain open until the natural expiry of the restriction under the contractually envisaged terms and conditions.

Insurance policies and loans

If you close your account any insurance policies or loan agreements entered with our Partners might also be terminated and you should therefore contact the reference Partner as contractually provided. You will receive specific advice at a later date about completing the account closure request.

How we deal with your withdrawal request

You can request the closure of your current account or the termination of the associated relationships/services in various ways:


  • By filling out the digital form directly in your Private Area in the section «Support > Customer rights and prerogatives > Withdrawals»

  • By sending an e-mail by ordinary or certified electronic mail to illimity@pec.illimity.com, filling out the form you can find at the bottom of the page

  • By sending the request by ordinary or registered post to the Bank’s registered office at via Soperga 9, 20127 Milan, Italy, filling out the form you can find at the bottom of the page.

If you hold more than one current account and would like to close more than one of these you will need to fill out an account closure form for each account you would like to close.

How long does it take to process the request?​

The time needed to process the request to close your current account runs from the date on which the Bank receives the documentation and checks its accuracy. Accounts will be closed within 15 days unless there are reasons not attributable to the Bank.​
Remember to keep the necessary funds on the account if you expect any charges or payments to arrive (for example direct debits or stamp duties and similar).

Useful documents