What would happen if Credit Suisse goes bust?

[SpQr]

Hey guys, so, did anybody try it? Whats the catch, that I cant figure out? Could you open an account, transfer 700 shares form IB, get the bonus, withdraw it and just transfer the shares back after a while? Kinda sketchy, but a >100% return worth exploring it. On the other hand it seems too good to be true… As I see it, one has the in- and outcoming share transfer fees between the brokers, the withdrawal fee and evetually 2x20 CHF custody fees, assuming you keep the account in swissquote active for less than half a year. I cant find anywhere any small print, please someone bring me back to reality…

[Jaime]

The Recipient must deposit or transfer cash and/or securities (including Credit Suisse shares with
ISIN CH0012138530) to their trading account in a minimum amount of CHF 10’000 by 30.06.2023
at the latest. The value of securities transferred is determined by the Bank

So you need to transfer at least CHF 10,000 worth of assets. And I think if you transfer 700 shares of CSGN and 9300 CHF in cash, wait for a month, and transfer out again. It should be positive. As you said, you would have to pay one time the custody fee and two times the transfer fee. The receiver broker might reimburse you the transfer fee with cash or trading credit. You would need to find out.

[ProvidentRetriever]

@SpQr

As I see it, one has the in- and outcoming share transfer fees between the brokers

Didn’t somebody say that IB doesn’t have outcoming transfer fees?

[anneaun]

IB allows one cash withdrawal per calendar month for free, subsequent cash withdrawals cost, e.g., 11 CHF or 8 EUR.

For securities, IB will process incoming transfers for free but will charge any outgoing transfers. There I am a bit lost in their fee model… not sure exactly what you would have to pay for transferring your CS shares to SQ.

[ProvidentRetriever]

Some people have tried and apparently it was free for outgoing transfers?

Interactive Brokers: no transfer fees apparently

I finally wrote a message to IB asking how much would it cost to transfer some ETF (irish or us) to a swiss account (I said Swissquote and Postfinance). They replied stating that it is free from them. The receiving bank might ask for something, but for what I know both PF and SQ are free. Can anyone try it?

[Jaime]

i have tried. From IBKR to post finance, Both side free.

[Dr.PI]

Bund verdiente mit Rettung der Credit Suisse bisher 100 Millionen Franken

[dbu]

Well that developed quite rapidly, no?

UBS completes Credit Suisse acquisition | UBS Global

[Dr.PI]

UBS won't need govt loss protection deal in Credit Suisse takeover By Reuters

Well, it looks like the things were not as bad as they seemed and market participants had overreacted as usual. Still it didn’t make buying CS stocks during that problematic time a winning move .