My wife is/was stressed, she wants to understand why - but I think we will not be honored with an answer, as the letter was very vague.
No issue to open a cantonal bank account, I told them immidiatelly why I want to open an account, he laughed and told me I am not the first one.
What I dislike, is the lack of honesty and transparency of unilaterly cancelling an essential part of my every day life. If the bank charges me an arm and leg to pay in EUR or buy a stock, well I am going to find somewhere cheaper to buy. Nowhere is mentioned when you open the account that you can not use Wise, Revolut or IBKR (if that indeed is the reason)
Itās somewhat dissapointing that in the land of banks a regular Joe can have this experience.
Maybe you should ask your new advisor at the cantonal bank. Maybe they are better informed of the reasons as they know how many new customers they get and from where.
Did you use the account for recieving your salary and for daily payments or was it only savings?
If the latter, you are probably not profitable enough for them and part of UBS restructuring to become more profitable after the integration of CS.
Sorry to hear that. Thatās what you get with TradFi. They may easily have made a mistake and wonāt even let you a chance to figure it out.
Honestly cannot wait for the time all these ābanksā will be out of business forever, antiquated like the steam engine. The sooner people vote with their feet the betterā¦
Why? They are a business, they offer a service, every customer can take their business elsewhere just like every bank can do the same. Plenty of choices.
The cantonal bank doesnāt know why UBS is kicking people out, he just confirmed to me that there has been a huge influx of new people coming from UBS having closed their accounts the same way.
The UBS account was used for salary payments and savings, we have no other bank accounts apart from Wise which is used only abroad
Having been left out like this with a month to find a new bank I concur with Panzo, my sentiment towards UBS at this very moment is very negative. Letās see what the future bring for them for treating their customers this way.
The same happened to me some years ago. But it happened after a long, in depth investigation of my financial situation by the compliance department asking me all sorts of questions and documents, to which I complied. They ultimately proceeded to kick me out. No surprises, itās because I work in crypto. They are not allowed to tell you what was wrong but in my case, my client advisor was friendly and let me understood that it was because a high percentage of my wealth was tied to cryptocurrencies. I think at the time they had an internal policy of something around max 20% of your source of wealth. I did nothing wrong, I was just a āhigh risk clientā by their standards.
I have a hard time subscribing to this hypothesis. If it were true, we would be hearing about many more cases of account closures.
Iām still convinced itās a specific case for which we have not yet found the reason.
Iām in my 30s and have never had a bad experience with a bank in my life. But if a bank were to terminate my account without any explanation, Iād have every right to be angry. However, I donāt understand why some people in this thread are suddenly turning against banks in general.
Shit happens, in every industry.
One exception: Revolut, but I donāt consider it a bank.
Second exception: human error at Raiffeisen, but that can happen and has nothing to do with banks in general.
Iām not, Iām just observing. Thatās not Swiss-only experience, but thatās Swiss includedā¦
Iāve had a worldwide renown bank made me open a product I was not eligible to (bad advice despite of my doubts beforehand), they eventually admitted I was right, cancelled it, but it had to come with some standard account they wanted to make me still pay. I struggled to cancel it all.
I was stuck in the opening process with another one due to bad customer service / file forgotten somewhere in the process, made the mistake to transfer a five digit amount as a first transfer and the amount got stuck for 2 months.
numerous human mistakes, or even maybe system mistakes, triggering chain reactions. They were all recognized and fixed - unfortunately thatās what I now recognized as a good service.
Thereās a special balance of power between shop and customer when it comes to banks, a situation Iāve never been comfortable with. Also they want to sell all sort of stuff they donāt understand themselves - the advisors - and thatās part of the reasons I struggle establishing a confident relationship.
I also notice not-complaining close relatives being silently nickeled and dimed. Sometimes I give some advice but Iām very careful not to break something they valueā¦ I let professionals managing my money and follow their good adviceā¦
Recently a friend of mine (in EU) repaid a loan which was insured and the advisor asked her if her health was getting better. Because she was actually paying an additional risk for a health issue. That never ever existed or was reported. She preferred not to complain to stick with a good relationship rather than making a scandalā¦
Imagine someone saying the same of another field. āItās a fact that the average active poster on this forum dedicated to medecine is more knowledgeable than your average surgeon.ā
It says something that we feel confident saying these kinds of quotes of financial advisors.
You could argue that for many other relationships between a private individual and a company (grocery shops selling you safe food, transportation companies to transport you safely, hospitals to increase your health, ā¦). I personally think that we have a comfortable situation in Switzerland compared to many other countries. Really bad scams are rare, the general ethics level is higher.
Of course, I would personally still be upset if my bank canceled their relationship with me without any reasons given.
It takes a decade to become a surgeon. Becoming a client advisor is much easier than that. The term is wrong anyway because itās essentially a sales position. So itās maybe more like asking a drug dealer for medical advise?
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