I thought I had a free banking package, but recently realized that for my 5 monthly standing orders (rent and 4 pillar 3 portfolios) I am paying 5 x 12 x 0.30 = 18.- / year.
Is this a new fee? Kudos to the bank for the creativity. And also for getting away with the CHF 5 fee for express transfer execution (given that the competition has CHF 2 plus some free express orders per year).
Anyway, I canceled my pillar 3 standing orders and will do these manually at the beginning or end of the year from now on.
Itâs tied to the product and whether you have a balance of 10k or higher.
Such fees, even when itâs peanuts would (and did) just annoy me so much that Iâd take my business elsewhere.
Whatâs next, a fee to check your balance?
Maybe thatâs what they are aiming for , keeping the customers that generate enough revenue, but this 10k limit just doesnât resonate well with me.
That makes sense, as I started to move my salary to the broker as soon as it hits my bank account. Maybe I could keep it above the 10k limit in the future. Who knows maybe even the express fee will change.
Same. It just gives me this feeling of not being treated correctly / fairly. I actually donât even expect to get totally free banking. If I could trust that a bank was transparent with no hidden fees or similar practices, I would probably be willing to pay 50 - 100.- / year. But I also kind of see how traditional banks are forced to behave like this if they want to compete with neo banks.
Iâm also starting to see the pattern (not only in fintech): New competitors start out with a platform of better features and/or cost-structure, and a promise of complete transparency / fairness / âadfree foreverâ etc. Once they are established, the founders eventually sell out and the new shareholders slowly transform the company to the âtraditionalâ model, and the cycle starts again. Looking at it this way should help me be less annoyed in the future and just accept it as the way it will always be (and pick my service providers accordingly).
Theyâll have smart, well-paid (or over-paid) experts that come up with those schemes. Iâm not a big fish, but a mortgage alone would get them tens of thousands in margin over the years.
Add to that potentially moving part of the portfolio, eventually, or looking for consultation on inheritance etc., thatâd be so much more revenue compared to those 30 Rp. for a basic functionality that I take for granted.
And even those with less potential business, a standing order must have marginal cost close to 0, let alone vs. making free single order. Seriously?
Not only for âstanding ordersâ it seems -
I see it listed under each transaction of mine under âCosts and feesâ.
But it seems to be waived as I look at the account numbers (due to >10k threshold).
Omg you are right. I also see the 0.30 fee for each LSV bill (credit card, cleaning), eBill (health insurance, utilities) and my manual transfer to Wise . Dontâ see anything for Twint payments.
oh dang. youâre right actually looks like Iâm not being charged for it. now I have an empty feeling inside where the righteous outrage just left me
If I remember correctly, itâs not charged to anyone with a banking package. Itâs charged only if you have an account outside a banking package and your total assets are below 10k (and no mortgage).
Do you see these fees actually charged in the monthly âBalance closing of service pricesâ? With a banking package, the fees will be listed but as strikethrough, so youâre not actually charged.
(If you do the same in the morning, the âInstant paymentâ switch doesnât automatically toggle when you set execution date to current day, and you get a free same-day transaction)
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, keeping the customers that generate enough revenue, but this 10k limit just doesnât resonate well with me.
. Dontâ see anything for Twint payments.
