The Italian Competition Authority has issued an interim decision against Intesa Sanpaolo and Isybank, halting the transfer of current account holders to the digital bank. This decision aims to protect approximately 2.4 million customers, allowing them to decide whether to stay with Intesa Sanpaolo or move to Isybank.

So far, around 300,000 customers have been involved in the transfer process, with over 5,000 customers requesting the Authority's intervention. The Authority found that the transfer did not comply with the Consumer Code, as it imposed significant changes to the terms of service without obtaining explicit consent from the affected customers.

Under the new arrangement, customers would lose access to physical bank branches and internet banking services via personal computers, being limited to banking operations through an app. Additionally, the new accounts would operate under different economic conditions, with some services, such as virtual cards and access to mortgage contracts, being withdrawn. These changes were made unilaterally, violating the customers' rights.

The Authority criticized the communication methods used to inform customers about the transfer, noting that important information was buried in the archive section of the Intesa Sanpaolo App without adequate prompts for customers to read them. The communications also failed to clarify that customers could oppose the transfer and did not sufficiently detail the changes in economic conditions and service availability.

As a result, the Authority has mandated that both banks provide clear and comprehensive information about the new Isybank account and allow customers a reasonable period to give their express consent to the transfer. Customers who choose not to move will retain their existing accounts under the same conditions. Intesa Sanpaolo and Isybank have been given 10 days to report back to the Authority on their compliance with this interim decision.