Swiss Bank Account Questions

NFH

It seems that the two largest Swiss banks, UBS and Credit Suisse, have both very recently imposed additional monthly fees for customers resident outside Switzerland (including Swiss citizens). It's something to do with the costs of handling potential investigations from foreign tax authorities. UBS are charging CHF 30 per month (GBP 250 per year) and Credit Suisse are charging CHF 40 per month (GBP 330 per year). It's no coincidence that these two banks have significant wholesale banking operations in countries such as the UK and US, the latter being more significant. Not long ago, UBS forced thousands of US citizens to close their accounts for fear of handling costly investigation requests from the IRS.

Even if you've had a standard CHF savings account with one of these banks for decades (maybe used for receiving a pension etc), you're now effectively forced to close it. We're not talking about numbered accounts here, which UBS actually excludes from this charge. This is not a good way for Swiss banks to treat their customers, especially for a country which has a reputation for honesty and treating bank customers with great respect.

Other than the vague reasons I've cited, does anyone know any more precise reasons why the Swiss banks have very suddenly forced their non-resident customers effectively to close their accounts?

eeyore87

Gold, gold, gold. That way you can put your entire bank balance in a shoebox under the bed.

To echo the above statements... why would you want to hide any accumulated cash from a future partner anyway? If you end up getting married, you should be at a point where you trust eachother anyway, and can throw your finances in a pot together to earn more interest on the total sum and make it 'work harder' for you. Maybe it's just me, but it seems ridiculous to enter into that kind of relationship with someone who you'd want to hide anything from at all, let alone the moolah details!