The Poste Italiane Securities Depository is a service thanks to which you can safely store your investments, such as bonds, shares or other financial products together with all the related accounting information.
So here’s how it works precisely, how to activate it and how much it costs.
What is the Poste Italiane Securities Depository and what is it for?
The Poste Italiane Securities Depository is a solution that combines the custody of financial instruments with the administrative management of investments.
In fact, the service allows you to store shares, bonds and government bonds while also managing the related accounting operations.
Furthermore:
- the collection of interest and dividends;
- the verification of any draws for prizes or refunds;
- of the protection of the rights linked to the securities held.
By subscribing to this product you also obtain a periodic account statement which clearly summarizes the progress of your deposit.
The document contains:
- the initial and final balance;
- the movements recorded in the period;
- any crediting of coupons and dividends.
In this way you obtain a complete and always updated view of your financial situation.
The primary market
Whoever owns a Securities Depository can access the primary market, i.e. the one in which Italian government bonds, bonds and shares are issued and subscribed for the first time by investors.
If you want to subscribe to government bonds such as Bot, Btp and Cct, relatively safe products with different maturities, you must be the holder of an ordinary or Smart savings account on which the Securities Deposit is active.
If you wish to subscribe online, however, you must be the holder of a Smart passbook or a current account enabled to operate online on which the Securities deposit is active.
The secondary market
The Securities Depository also allows savers to operate on the secondary market.
The latter is one in which financial instruments can be exchanged between investors after their initial issuance. Let’s talk about:
- government bonds;
- shares and similar securities;
- bonds,
- Specialized ETFs, bonds and shares;
- closed-end and real estate funds;
- certificates and covered warrants;
Poste Italiane explains that those who have a Securities Depository connected to an ordinary or Smart postal savings account can only sell the financial instruments they own. It means that you cannot purchase new securities but only disinvest those already in your portfolio.
In the case of foreign currency instruments traded on foreign markets, only sell orders are permitted: it is therefore not possible to disinvest but only purchase new instruments using this method.
Where to open the Poste Italiane Securities Depository
It is possible to open the Poste Italiane Securities Depository to operate in complete safety on the primary and secondary markets.
However, this is only possible if you have a BancoPosta account enabled for home banking services or a Smart postal savings book and enabled for online transactions.
The opening of this product can take place in the relevant post office by making an appointment with a consultant or online from the Poste Italiane app or from the official website. Alternatively you can call 06.45264526 active 24 hours a day every day. The cost from both mobile phones and landlines depends on your telephone operator.
It is then necessary to activate the custody and administration service for the financial instruments.
How the service is activated
To activate online you must access your financial profile and be in possession of your identity card or a valid identification document.
It is also important to have signed the Mifid contract and have an active Mifid questionnaire to identify your financial profile.
If you do not have an active profile, you can complete or update the Mifid questionnaire online or go to a post office.
If you already have the profile, you can consult or modify it through the same channels.
Is joint ownership permitted?
The Securities Depository contract can also be registered in the name of more than one person and the operating methods depend on the agreements between the holders.
If joint management is envisaged, all operations must be authorized by each joint holder. It means that no one can act alone as every decision must be shared.
In the case of separate management, however, each joint holder can act independently on the Deposit, so the operations carried out by one are valid for all.
If one of the joint holders then revokes consent to separate management, after fourteen days the securities portfolio can only be moved with the joint signature of all.
If one of the joint holders then passes away, the contract can be terminated or follow the rules established by the succession. However, all joint holders are responsible for any debts or obligations arising from the contract.
What are the costs if you have a BancoPosta current account
If you use a BancoPosta current account for operations, the management and administration of the Deposit with government bonds alone costs 10 euros per calendar semester. The deposit with any other form of securities costs 15 euros per semester, while the deposit without financial instruments for the entire calendar semester is free, with the exception of tax charges if required by law.
If more than one type of financial instrument is present or handled in the Securities Depository for a six-month period, only one expense will be paid, which is the highest among the various ones available. Therefore, multiple commissions are not applied together but only the one that costs the most.
Costs if you have a nominative postal booklet
If a savings account is used as a support account, the following are paid for management and administration activities per calendar semester:
- 10 euros for the deposit of government bonds only;
- 20.66 euros for the deposit of any type of securities;
- nothing if there are no financial instruments present in the calendar semester, with the exception of any tax charges.
As with the BancoPosta account, if more than one type of financial instrument is present or handled in the reference calendar semester, the commission relating to the highest type is applied.
Employees and pensioners of the Poste Group as well as those treated as equivalent to them if they have a postal passbook or BancoPosta account as a support account do not pay anything.
How withdrawal works
The Poste Securities Depository has an unlimited duration and remains active until the customer decides to close it. The latter can in fact withdraw from the contract or request the extinction of the deposit at any time without incurring any costs.
If you decide to withdraw, however, it is no longer possible to use the investment services connected to the Deposit.
However, financial instruments already owned can be sold or liquidated.
Withdrawal then entails the closure of the Securities Depository within thirty working days of the request.
Termination or withdrawal can be carried out at the post office or if the contract has been activated online, using the remote methods provided within fourteen days of signing.
Poste Italiane can also terminate the contract with or without notice in the event of:
- just cause;
- prolonged lack of use;
- absence of financial instruments.
In any case of closure, however, the customer must give instructions on the securities present to transfer or sell them.
In the case of joint relationships, however, each joint owner can act independently but must also inform the others.
Finally, if the owner dies, we proceed with the succession procedure.
