Out of the blue a recommended letter arrived 2 days ago notifying me, according to their T&C they are closing down all of my banking relations including my mortgage with a deferred date, meaning when the actual mortgage arrives they will not renew it.
No reason given.
Lucky I still have 7 years left on my mortgage.
Doesn’t feel right having been a UBS customer for 20 years.
I suspect there’s something they’ve not told you… They’re in the business of making money and that requires having customers after all, so when you reflect on it, what in your profile could trigger them to do this?
What did you do? Be honest.
Absolutely nothing I can think of. We have no other bank accounts, prety boring customers, no crypto, 3rd pillars invested with UBS fund.
There have been reports of UBS closing down accounts but I always thought there could be a reason. In my case, I guess they just don’t want me as a customer.
I’m in the process of buying a house, and I’m already considering not taking on the sellers’ mortgage (UBS), even though it has its advantages. Every time I talk to them, they keep adding new clauses.
Some things which can make UBS alarm bells go off
UBS has only tightened the thumbscrews on me twice (related to 1 and 2 above) and I was quickly able to clarify and remove the concern.
Only other thing I can imagine, do you for some odd reason have business with UBS which is highly unprofitable for them (e.g. some exotic mortgage which they lose money on)?
Come on, fork it up:)
No links to the US.
No odd payments, all of my payments for abroad I do them through wise, but even those I do with my wise card when I am on a holiday, and no, I have never been to North Korea, Iran etc.
There is absolutely no reason my name to appear on a terrorist list.
The only abnormal thing I can think of is transfering 100k last year to IBKR, that is the largest and most out of the ordinary thing I have done with my account
The mortgage I have is a fixed one at 0.75% interest rate, but tough luck, I signed for it back than and they can’t do anything about it.
Both me and my wife are Swiss.
They won‘t close an account based on a hunch. I‘m sorry but I think crucial information is missing here.
If there was anything I could think of, I wouldn’t even open the thread.
From googling there has been an explosion of closed accounts by UBS since the CS takeover.
Ask them why they want to close your accounts. It could be a mistake, for example if your name and surname is identic to another one who is also a customer from UBS but did something wrong.
I certanly will give them a call, but I fear I will be wasting my breath. There has been no communication prior to this letter. My name and last name are quite unique and can’t be mistaken for different person like John Smith.
maybe try calling up the advisor. asking if mistake and asking what the reason is (maybe they refuse to say). promise not to do any more money laundering or facilitating smuggling of nuclear materials.
If the client advisor isn‘t giving you specifics, then it was a decision from higher up. But still, you should try.
That’s interesting, I’d done it before and found a person with an identical name + surname, similar age, similar look, similar interests but zero relations or common contacts - but a fully real person, and both my name and surname are rare. But alas, and thankfully, my google “record” is very clean and all related to work.
But isn’t there something specific there? Which T&C specifically (not need to say to us, just to look for yourself) did they say you violated? Or do they refer to a blanket cover-all type clause in there saying “We reserve the right to terminate the relationship without due cause at any time”, meaning that they can do it whenever they want, without providing any explanation - which also protects you from having to deal with any claims from them in the future. These are very common in contracts.
Edit: the only case I ever heard of anyone’s bank account being closed, anywhere, was that of my friend who I talked about in my share your story, where he apparently went ballistic in a bank in the UK, was told to wait 15 mins, and then a person came with a few fat envelopes of cash, telling him his account was closed, he’s banned from all branches of that bank UK-wide, and this is all his cash, to take with him and never show up again or he’d be arrested on the spot. But you didn’t do that!
I guess you could take the issue to the Ombudsman, if you wanted to.
There is no mention of which article of the TC they call upon to close my account. It simply says “along the general terms and conditions…etc”
I wonder if I can fight it and to what gain.
I’ve already opened an account at a cantonal bank this morning, aparently the influx of new customers from the new UBS is considerable.
I will call on Monday and see what I can get from my advisor, who I haven’t talked to for over 5 years. A face to face meeting I think should have taken place with an exlanation rather than this recommended letter
That’s a great deal which you got. Congrats! I wonder if this had anything to do with the account closer. But then, they still have you for another 7 years, so closing the account only worsen their position since they have no collateral anymore for the mortgage.
Probably not worth your time, but just for my education and anyone else’s with such knowledge gaps who may come across this thread, what does this (the closing of the acc) mean for the mortgage overall, and deferment?
I don’t know anything about mortgages, deferment appears to mean that you don’t make some payments now (due to hardship?) and then make them later?
That was the going fixed rate at the time. The variable rate was negative or close to 0. Everyone was taking the variable for very cheap, I signed for 12 years fixed at 0.75%
My finances haven’t changed since than, so the loan continues as is, they just don’t want me as a customer.
