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Old 04.02.2013, 16:50
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Beware Post Finance

Lately, Post Finance has been trying to establish itself as a real bank and targeting small businesses and entrepreneurs in the expat community particularly. We thought we would give them a go, and what a mistake.

1) First off, do not be fooled, they are NOT a bank by any stretch, and must work with Valiant (and maybe other real banks) in order to do anything other than the simplest savings and bill paying services. This means you will find your money in banks you don't have a relationship with which makes otherwise straightforward situations unnecessarily complicated.

2) NOBODY at Post Finance speaks English. Despite their claim to be improving and expanding their expat services, the fact is this is just not true. If you are an Expat who is not fluent in French, German or Italian, you will have NOBODY to communicate with.

3) They are a law unto themselves. As essentially a government institution, PostFinance sees itself as somewhat above the laws that govern private institutions. They will try to impose fees for non-existent services, and if you even suggest you might close your account with them, you may find all your accounts suddenly blocked and frozen, with no reason given for why they are withholding your money from you, nobody willing to communicate with you. It turns out even a fairly non-senior individual in the "bank" can put an immediate freeze on all your Post Finance assets without warning or even a stated reason.

Don't be fooled. This is a really bent institution.
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Old 04.02.2013, 16:56
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Re: Beware Post Finance

Erm my guy at PF speaks perfect English and is actually funny too. He calls me by my first name.

PF farms out their mortgages and pillars 3 to "proper" banks. They're working to change.

And for your c), never heard of it but let me tell you that Finma is their regulator.

Finally, the unwritten part of your post - your a US citizen aren't you? Blame FATCA.
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Old 04.02.2013, 16:59
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Re: Beware Post Finance

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1) First off, do not be fooled, they are NOT a bank by any stretch [....] anything other than the simplest savings and bill paying services.
That's what I (and I suspect 99% of everyone else needs from a bank). They're great, aren't they.

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2) NOBODY at Post Finance speaks English.
Do you mean the guys at the Post Office? Everyone I've ever contacted at the bank itself spoke perfectly good English. They're great, aren't they?

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3) They are a law unto themselves. As essentially a government institution, PostFinance sees itself as somewhat above the laws that govern private institutions. They will try to impose fees for non-existent services, and if you even suggest you might close your account with them, you may find all your accounts suddenly blocked and frozen, with no reason given for why they are withholding your money from you, nobody willing to communicate with you. It turns out even a fairly non-senior individual in the "bank" can put an immediate freeze on all your Post Finance assets without warning or even a stated reason.
What? That just sounds like random conspiracy rambling.

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Don't be fooled. This is a really bent institution.
You're the first person I've ever heard with more than a minor complaint about them.
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Old 04.02.2013, 17:12
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Re: Beware Post Finance

I use PF. All written communication in English, website in English and have spoken to personnel who speak perfect Engliah.
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Old 04.02.2013, 17:17
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Re: Beware Post Finance

I also use Pf and even in smaller villages there is always someone who is able to speak English and all mailings to me are in english also. in my opinion, i think they are great!
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Old 04.02.2013, 17:23
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Re: Beware Post Finance

Great!

I was wondering about creating another topic, but this one is great opportunity.

Yesterday I finally had time to read all the Terms and Conditions sent to announce PostFinance change of Status.
They were sometimes "generic" but overall I have not seen anything too bad for me.

But a few warnings:

- It clearly say that if you move out of Switzerland they can immediately sell all your shares ("actions" in French ?). So when announcing a change of address, be careful to take precautions.

-It also says that you need to say if you are US and I expect some issues with that (they don't say)

-They also declare they can change the interest rate anytime

For the rest they claim they have a "protection" for ex-deposito account (savings= épargne in French) for up to 100K savings...

They did not announce in those documents any raise of fee, or anything similar.
The interest rate reduction was announced in another document, so were the fees.


So unless I missed something, for someone without much savings and without US nationality, it seems it was a non painful change...
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Old 04.02.2013, 17:33
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Re: Beware Post Finance

Balance enquiry etc. @ PostFinance just call from abroad +41 44 828 3475 option for EN 4, 1 on the IVR ( locally call 044 828 3475 ) - this has been available for the past 5 years for me and even after hours.
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Old 04.02.2013, 17:51
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Re: Beware Post Finance

Another one here that's never had a problem with Post Finance, and I've had an account with them for over 6 years.

I did, at first, think that when I got myself on my feet financially here I'd move to a "proper" bank, but the fact of the matter is that there was no need at all. They do everything that I need, and whole load of stuff that I don't need but may do one day.

No complaints whatsoever.
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Old 04.02.2013, 17:59
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Re: Beware Post Finance

6 years with PF, all correspondence in English, staff speak fluent English and are courteous, telephone support is super, I have nothing but good things to say about Post Finance. I found PF so good that I actually closed my UBS account.

Who did you rub the wrong way..??
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Old 04.02.2013, 19:20
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Re: Beware Post Finance

Even called them from the US a few weeks ago to move some money around....they now have a 24h service.

I always liked them and have left my account open with them just in case
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Old 04.02.2013, 19:25
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Re: Beware Post Finance

The arrogance of some of you who expect local institutions to have to provide services in English is remarkable
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Old 04.02.2013, 20:06
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Re: Beware Post Finance

My overall experience with PF is very positive. Been with them for past 5 years. All correspondence is in English so never an issue in this department.
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Old 04.02.2013, 20:23
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Re: Beware Post Finance

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Erm my guy at PF speaks perfect English and is actually funny too. He calls me by my first name.

PF farms out their mortgages and pillars 3 to "proper" banks. They're working to change.

And for your c), never heard of it but let me tell you that Finma is their regulator.

Finally, the unwritten part of your post - your a US citizen aren't you? Blame FATCA.
If you have a guy that speaks English perfectly, it would be so great if you could pass on his details (even just the branch would be useful to know) as I have been assured by everyone I've spoken to that there is absolutely nobody who speaks English at PF. Perhaps based on what you and others are saying, wondering if this is more a dodgy branch issue....

As for being American, don't see how that has anything to do with what I am describing. Especially as this business account is not American-owned. I'm not even a signatory, simply a high level employee.
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Old 04.02.2013, 20:26
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Re: Beware Post Finance

Zurich Oerlikon, ask for Pascal. HTH.
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Old 04.02.2013, 20:31
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Re: Beware Post Finance

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The arrogance of some of you who expect local institutions to have to provide services in English is remarkable
Hardly, the British built an empire without speaking a word of dago.

If Johnny Foreigner doesn't understand just shout a bit louder until he bally well does or send in the Household Cavalry. In fact, send in the cavalry anyway.
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Old 04.02.2013, 20:37
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Re: Beware Post Finance

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The arrogance of some of you who expect local institutions to have to provide services in English is remarkable
in a country with 21% expats, most of who earn above median income, any business that does NOT provide service in English is being arrogant. not to mention ignorant.
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Old 04.02.2013, 21:03
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Re: Beware Post Finance

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in a country with 21% expats, most of who earn above median income, any business that does NOT provide service in English is being arrogant. not to mention ignorant.
But they most certainly do speak at least some level of English in every bank, unless of course the OP paid a visit to a "bum-f.kings-ville" with post office that provides PF services and based on that jumped to conclusions.
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Old 04.02.2013, 21:13
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Re: Beware Post Finance

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But they most certainly do speak at least some level of English in every bank, unless of course the OP paid a visit to a "bum-f.kings-ville" with post office that provides PF services and based on that jumped to conclusions.
That bum-f.kimgs-ville branch would be Gland so's you all know. Not a small branch, and in a particularly expat-intensive part of the country, so all the more surprising.
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Old 04.02.2013, 21:30
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Re: Beware Post Finance

Okay, so, as I'm actually needing to open an account these days, and Post Finance is currently on tops of my list of "banks" to try perhaps you can answer a few queries for me pengrem?

Firstly, someone asked if you're a US citizen - I am, and am worried about what sorts of trouble I'm looking to get myself into with various banks.

Are you a US citizen? I don't care beyond this question really, aside from whether or not you'd be able to answer my following questions. (As far as I can remember, most, if not all, of the people who have given favorable responses about PF thus far are NOT)
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Old 04.02.2013, 21:37
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Re: Beware Post Finance

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Okay, so, as I'm actually needing to open an account these days, and Post Finance is currently on tops of my list of "banks" to try perhaps you can answer a few queries for me pengrem?

Firstly, someone asked if you're a US citizen - I am, and am worried about what sorts of trouble I'm looking to get myself into with various banks.

Are you a US citizen? I don't care beyond this question really, aside from whether or not you'd be able to answer my following questions. (As far as I can remember, most, if not all, of the people who have given favorable responses about PF thus far are NOT)
This PF thread might be more appropriate IMO:

Postfinance closing American Accounts?
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