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  #21  
Old 04.12.2015, 11:50
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Re: Is it normal to charge for transactions made from a bog standard savings account?

For PF it is 10 withdrawals or a maximum of 100k CHF within the calendar year. If you need to withdraw more than 100k you have to give them notice (3 months) or they charge you 1% of the amount over the 100k limit.

It's pretty clear on the main information page for the savings account (see bottom table):
https://www.postfinance.ch/en/priv/p...dep/offer.html
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  #22  
Old 04.12.2015, 11:52
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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Hi chaps and chapesses. I am with PostFinance and just received a letter saying "in terms with the T&C, after making 9 transactions from your savings account we will now charge you 8chf for each further transaction".

My savings account is "separate" to my normal account (all accessible from one easy interface) but I have never had a bank with a policy like this before, and sometimes I juggle funds online between my savings and my normal account depending on the expenditure.

So yeah, do all the banks (UBS and Credit Suisse) have this policy of only allowing a set number of transactions from a savings account and then charging for further transactions?
Post finance previously did do this, I got caught out about 6 years ago.

They don't make any money out of savings accounts as interest rates are negative.

I had multiple PF savings accounts in the past as you can only withdraw 50k in any 1 year, so it would be foolish to ever exceed that limit.
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  #23  
Old 04.12.2015, 11:54
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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For PF it is 10 withdrawals or a maximum of 100k CHF within the calendar year. If you need to withdraw more than 100k you have to give them notice (3 months) or they charge you 1% of the amount over the 100k limit.

It's pretty clear on the main information page for the savings account (see bottom table):
https://www.postfinance.ch/en/priv/p...dep/offer.html
I got the savings account a while ago and have only now just noted this issue, and like 99.9% of people I do not memorise every T&C for months.

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Post finance previously did do this, I got caught out about 6 years ago.

They don't make any money out of savings accounts as interest rates are negative.
Thanks Fatty, what would you recommend as an alternative solution?
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  #24  
Old 04.12.2015, 11:57
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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I got the savings account a while ago and have only now just noted this issue, and like 99.9% of people I do not memorise every T&C for months.



Thanks Fatty, what would you recommend as an alternative solution?
Multiple saving accounts at PF will do the trick.
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Old 04.12.2015, 12:11
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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Multiple saving accounts at PF will do the trick.
That won't work - the limits are per customer, not per account.
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  #26  
Old 04.12.2015, 12:18
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Re: Is it normal to charge for transactions made from a bog standard savings account?

I'm surprised that nobody seems to read the T&Cs. Even if you don't read the whole lot, at least read the section which summarises all the costs you could pay!

Anyway, this is quite common in CH and also in the UK where they penalise you for making a single withdrawal (usually the savings accounts there give you preferential interest rates, but you lose all interest, or drop to a much lower rate if you make a single withdrawal).

As can be guessed from the name, the savings account is intended for low churn savings and for regular transfers it is easier to maintain a current account with sufficient funds to deal with day to day outgoings.
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  #27  
Old 04.12.2015, 12:20
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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That won't work - the limits are per customer, not per account.
When I withdrew 50k from multiple accounts I had no additional charges.
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  #28  
Old 04.12.2015, 12:24
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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When I withdrew 50k from multiple accounts I had no additional charges.
The limit is 100k or 10 transactions per customer per year. Read the link I posted above, it's very clear. I've never tested it, but I'd be surprised if the 100k limit wasn't enforced given they obviously do enforce the 10 transactions limit.
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  #29  
Old 04.12.2015, 12:26
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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How did you create these extra accounts? And are they charge-free?
You can open it, from online interface. They are charge-free. But note: don't open "savings" account, just a normal account.

https://www.postfinance.ch/en/priv/p...chf/offer.html

Account management:
CHF 5/month
Irrespective of the number of accounts
Free account management for average customer assets exceeding CHF 7,500
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  #30  
Old 04.12.2015, 12:28
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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I'm surprised that nobody seems to read the T&Cs. Even if you don't read the whole lot, at least read the section which summarises all the costs you could pay!
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  #31  
Old 04.12.2015, 13:38
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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I'm surprised that nobody seems to read the T&Cs. Even if you don't read the whole lot, at least read the section which summarises all the costs you could pay!

Anyway, this is quite common in CH and also in the UK where they penalise you for making a single withdrawal (usually the savings accounts there give you preferential interest rates, but you lose all interest, or drop to a much lower rate if you make a single withdrawal).

As can be guessed from the name, the savings account is intended for low churn savings and for regular transfers it is easier to maintain a current account with sufficient funds to deal with day to day outgoings.
I did read them, but I don't remember them for months... not many people do.

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You can open it, from online interface. They are charge-free. But note: don't open "savings" account, just a normal account.

https://www.postfinance.ch/en/priv/p...chf/offer.html

Account management:
CHF 5/month
Irrespective of the number of accounts
Free account management for average customer assets exceeding CHF 7,500
Interesting, thanks Meeyat.

--------------------------------

Anyway, now I know, all good.
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  #32  
Old 04.12.2015, 14:22
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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I did read them, but I don't remember them for months... not many people do.
I can sympathise with not reading T&C's, but the withdrawal rights are really the only important things to know about the PF savings account.

Anyway, now you know what the deal is, I assume you could just be careful to only make slightly larger transfers out on a slightly less regular basis to avoid the limits.
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  #33  
Old 04.12.2015, 14:28
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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I can sympathise with not reading T&C's, but the withdrawal rights are really the only important things to know about the PF savings account.
Sigh... I'm not going to repeat myself again, but cheers anyway.

Thread done with now, so I shall leave it in peace. Cheers to everyone who gave the advice and info.
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  #34  
Old 08.12.2015, 00:57
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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I'm surprised that nobody seems to read the T&Cs. Even if you don't read the whole lot, at least read the section....
here is truly the perfect video regarding T&C:

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