FlowBank, new Swiss Bank/Broker Solution?

Yes.
You have to fill a form and send them.
Its not so comfortable like with just on click in Swissquote.

I wouldn’t trust a bank with such a horrible logo :slight_smile:

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The staff turnover is very high among employees and the objectives coming from management are always changing. It’s a startup spirit.

I don’t know how much this can affect the management of savings and trading accounts.

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@FunnyDjo it’s the continuity of London capital

I opened an account with Flowbank just over a month ago. I wanted to add some more funds last Sunday and saw that you could add money instantly with a Credit Card. Monday, the posting with my Swisscard app showed posted, meaning Flowbank had processed the money. Nothing showed on my account though. I wrote a message, got no reply. Tuesday, I rang them and they confirmed the money had been verified by them and they could see it but didnt know why it didnt show for me. I have rung them every day this week, issue not resolved. I have now initiated withdrawal of the rest of my funds (minus the missing money) and won`t use them again.
Question is, what can I do to get my money back? They keep saying they are looking into it and bla bla bla…Bankombudsman & Finma? Anyone else been through something similar?

I can remember, that one one the guys at Flowbank wrote here in this forum and advertized them heavily. Fun fact: he used his real name as forum name and stated he is not an employee and some of the members found his linkedin haha

I will remember this forever, because it was a very sad attempt. Unfortunately, the mods decided to get rid of the posts. In my eyes complete unnecessary, but anyways.

Sorry for not being able to contribute properly to your problem, but they always gave me a scetchy impression. Your post confirms it once more.

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I had a colleague that work previously with them and based on his feedback I will never use them as a bank.
The turn over of the team is very high and the CEO cannot keep direction.

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Hence the name ‘Flowbank’ :slight_smile:

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Thanks for sharing your experience.
I randomly discovered them when leaving from DeGiro because of high forex rates.

For some reason I was hesitant and didn‘t choose them but kept wondering, if I should give them a shot.

I‘m glad I avoided this headache and will now steer clear of FlowBank.

That being said you may also try to issue a chargeback on your credit card - as far as you are concerned you paid for a service you didn‘t receive. I wouldn‘t believe them anything. Once it‘s too late they may suddenly say they never even received your funds.

I don’t remember him lying outright.

Didn’t he say he was a happy customer with them?
(He truthfully may have been)

Seems like an over-reaction to me, but whatever.

I would send them an email or letter explaining (paper trail is still relevant with bank) the problem and giving them a reasonable time to fix it before you use your rights.

The Ombudsman will come next.

For me the mere fact that they accept credit card deposits means that they might consider themselves more as a gambling site rather than a broker for investments. Gambling is when you can’t wait for a bank transfer to clear and need some money in your account right now. Especially if they take over credit card transaction fees, it means that they expect to earn much more from you, ideally everything. Well, I don’t know their business model but that is an impression I have from eToro for example.

Do they offer and heavily advertise CFD and other highly leveraged instruments?

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Agree, maybe was an over-reaction, was having a bad week :slight_smile: But, I don`t like being treated like that, especially as my other brokers, which I have used for years, I have never had a single problem with. Just bad Customer Service, but that is Switzerland, and a place for another rant :slight_smile:

P.S. I have now got all my funds back.

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News regarding Flowbank: it seems, 2022 was a bad year. Moreover, strange to read, how Flowbank handled its annual financing statement…

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Interesting web-site, thank you!

The allegations seem very concerning, if true

Definitely looks true, you can read the auditor statement it’s linked from the post.

The notes of the 2022 annual report are interesting

That’s not really reassuring

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Ouch this early hunch from 3 years ago now rings loudly.

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