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Old 15.06.2012, 11:29
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Post Finance cancels accounts of American residents

Title says it all really
Announced today.

Whatever happened to globalisation??
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Old 15.06.2012, 11:31
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Re: Post Finance cancels accounts of American residents

politics trumps globalization any day...
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Old 15.06.2012, 13:56
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Re: Post Finance cancels accounts of American residents

Interesting. I guess that means I won't have to deal with trying to figure out how to close the account remotely.
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Old 15.06.2012, 14:31
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I'm trying to find more info on this. Does it apply to residents of Switzerland who are US citizens? Does it apply to business accounts? Google, google, I know.
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Old 15.06.2012, 14:37
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Re: Post Finance cancels accounts of American residents

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I'm trying to find more info on this. Does it apply to residents of Switzerland who are US citizens? Does it apply to business accounts? Google, google, I know.
Nope, only applies to American Citizens without residency in Switzerland, according to todays article in Tages Anzeiger here (German only, sorry)

Americans living in Switzerland can still open and use accounts (as the Post is required to offer these services to residents by law) as well as Americans with both citizenships.

It will affect approximately 1700 American citizens not living in Switzerland. I guess this will affect RetiredinNH as well...?!?
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Old 15.06.2012, 16:28
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Re: Post Finance cancels accounts of American residents

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It will affect approximately 1700 American citizens not living in Switzerland. I guess this will affect RetiredinNH as well...?!?
I am neither a resident nor a dual citizen so I guess that I am out of luck
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Old 15.06.2012, 16:58
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Re: Post Finance cancels accounts of American residents

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I am neither a resident nor a dual citizen so I guess that I am out of luck
Nah. Just put all your money into my account and I'll hold on to it for you!
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Old 15.06.2012, 17:47
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Re: Post Finance cancels accounts of American residents

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Nah. Just put all your money into my account and I'll hold on to it for you!
Thanks ... EFers are so helpful
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Old 15.06.2012, 18:10
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Re: Post Finance cancels accounts of American residents

And once again, may I ask anyone who is affected by this:

Please please please write your senators and congresscritters, telling them how FATCA has penalized ordinary, law-abiding, tax-compliant Americans, putting up hurdles to doing business overseas that makes American business uncompetitive in the world market, especially smaller businesses - and stands to hurt the American economy.

Especially those who are resident in the US now - as there is a chance that your comments would be taken more seriously than those of us resident overseas.

Hope all those who are affected can find an alternative solution.
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Old 15.06.2012, 22:58
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Re: Post Finance cancels accounts of American residents

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Title says it all really
Announced today.

Whatever happened to globalisation??
The US threw all its toys out of the pram ...
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Old 17.06.2012, 08:34
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Re: Post Finance cancels accounts of American residents

What about a Swiss holder of a US greencard living in the US?
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Old 17.06.2012, 08:42
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Re: Post Finance cancels accounts of American residents

I bet this affects a lot of U.S. businesses that pretend to have their headquarters here in order to pay less taxes. (?)
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Old 17.06.2012, 08:51
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Re: Post Finance cancels accounts of American residents

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I bet this affects a lot of U.S. businesses that pretend to have their headquarters here in order to pay less taxes. (?)
I doubt it, they are not personal accounts. In any case the accounts will be for a local subsiduary.
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Old 17.06.2012, 10:08
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Re: Post Finance cancels accounts of American residents

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What about a Swiss holder of a US greencard living in the US?
Would almost certainly be treated as a dual citizen and allowed to keep account.
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Old 18.06.2012, 17:38
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Re: Post Finance cancels accounts of American residents

Ok, I must have overlooked something in the coverage. So if I understand correctly, even dual US-Swiss citizens are okay regardless of residence, due to their Swiss citizenship requiring Die Post to serve them because of its own mandate to serve Swiss citizens?
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Old 18.06.2012, 18:22
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Re: Post Finance cancels accounts of American residents

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Ok, I must have overlooked something in the coverage. So if I understand correctly, even dual US-Swiss citizens are okay regardless of residence, due to their Swiss citizenship requiring Die Post to serve them because of its own mandate to serve Swiss citizens?
This was addressed earlier in this thread:

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Americans living in Switzerland can still open and use accounts (as the Post is required to offer these services to residents by law) as well as Americans with both citizenships.
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Old 19.06.2012, 05:28
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Re: Post Finance cancels accounts of American residents

I meant that as far as I can tell, this wouldn't even affect a US-Swiss dual citizen who is living in the USA, so a Swiss who resides in the US with a greencard is certainly fine. Whereas all other banks are closing accounts for any US residents regardless of nationality status.
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Old 11.07.2012, 20:01
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Re: Post Finance cancels accounts of American residents

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It will affect approximately 1700 American citizens not living in Switzerland. I guess this will affect RetiredinNH as well...?!?
Has any affected American heard from PostFinance? I have received nothing, either paper or electronic, from them on this topic.

I have obviously not asked them ... let sleeping dogs lie
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Old 12.07.2012, 08:34
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Re: Post Finance cancels accounts of American residents

I am a dual national, UK/US (born in the UK) but I reside in the USA and pay my taxes there. I have owned a holiday apartment in Switzerland for 17 years and bank with Post Finance. They have just informed me that they are closing my account as I am an American. Are Post-Finance required by Swiss law to let me keep my account as I am an EU citizen by birth.
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Old 12.07.2012, 08:53
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Re: Post Finance cancels accounts of American residents

No.

I believe they are required to allow Swiss residents to open and keep accounts.
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