Inactivity
“Inactivity fees” applied by Lydia Solutions are a result of the Eckert Law, which applies to payment and electronic money institutions.
Why do these fees exist?
In 2008, the Eckert Law required credit and payment institutions to verify whether their clients were still able to use their accounts after a period of "inactivity", and to close them if this was no longer the case.
Definition of “inactivity”
For current accounts, the account holder is considered “inactive” if no transactions have been carried out in the last 12 months.
Lydia Solutions first suspects that a client is “inactive” if they haven’t opened or used the Sumeria or Lydia app, or contacted customer service within the last 12 months. Lydia Solutions then confirms this by attempting to contact the client via email, on several occasions.
Communications sent to the client
On the twelfth month without any activity (Day D), Lydia Solutions sends the client a first email offering them two options:
- keep their account by simply replying to the email or logging back into the Sumeria or Lydia app (which will be considered as activity);
- close their account.
If there is no response or action from the client, a follow-up is sent 7 days later (D+7).
If the client does not respond to this reminder, they are considered inactive 15 days later (D+15). They are notified of this by email.
Amount of inactivity fees
If the client does not respond to either of the first two communications (detailed above) and does not log back into the Sumeria or Lydia app, fees related to the processing of the inactivity detection and verification may apply.
If the client’s account balance is zero, no inactivity fees will be charged by Lydia Solutions.
Otherwise, Lydia Solutions will apply fees, up to €30 per year, until the balance is depleted and within a limit of 10 years. After this period, the remaining balance will be transferred to the Caisse des Dépôts et Consignations, and the client’s account will be closed.
