How intrusive are Swiss banks allowed to be?

Banks, Insurances & Third Pillar
62

Why do you think they would monetize your data? Read up Bank Client Secrecy in Switzerland - case closed. Further, your Bank didn’t talk about FILING your Work Contract in your system. They will file a „Banker saw the contract and confirms you are employed there“ only.

Ultimately, employment contracts contain:

  • Personal Data like address, bday, … the Bank anyways needs to know (KYC)
  • Salary that the Bank anyways needs to know (as soon as your assets exceeds I think 20k)
  • Job Title that the Bank as well needs to know (see above)
  • Employer that the Bank needs to know as your source of income
  • blah di blub legal T&C that always are the same in any employment contract
  • non-sensitive things like your vacation entitlement that I would be surprised you cared if anyone knew about this

So whats the issue with SHOWING them your work contract so that they can confirm you indeed have a perm position with the employer that cou claim you had?

63

The Swiss Bank Secrecy Act first came into force in 1934, making it a criminal offence to reveal client data without permission . In response to other countries buying stolen Swiss banking data, Article 47 of the Act was tightened in 2015.

64

What an amazing thread.

Thanks to everyone who has contributed; the quality of comments helped cooled my temperament and give me some perspective on the compliance-driven motivation on the banks’ side.

So how did things end up? I fully complied with the UBS requests.

My logic was simply to choose the option that would require the least hours of my life wasted. The whole thing, however, did leave a sour taste for me.

During this time I had been getting advice from UBS for a mortgage, but stopped the process and got one with Migros Bank via Hypotheke.ch instead. And for years, I’d kept close to 100k CHF in UBS zero interest saving accounts - all that has gone to an interest-earning account, but at a different bank.

So that’s where we ended up. Thanks again for all the thoughts and advice.

4 Likes
65

Poor client advisor.

66

do you mean poor as in “I pity this client advisor” or as in “this is a bad client advisor”?

The client advisor was very kind and knowledgable, but very passive.

I had to do all follow-ups to advance the process. please call me back, quick reminder, not sure if you got my last email…

I was not very price sensitive and would have been fine to stay with UBS for the mortgage, but between the client advisor never following up, and the irritating experience with the compliance dept, I had no reason to stay.