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Old 03.12.2015, 19:43
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Is it normal to charge for transactions made from a bog standard savings account?

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?
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Old 03.12.2015, 19:46
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Re: Is it normal to charge for transactions made from a bog standard savings account?

CS does that if you withdraw funds more than 12 times in a calendar year.
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Old 03.12.2015, 19:52
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Re: Is it normal to charge for transactions made from a bog standard savings account?

Often, it's a certain amount of money rather than the number of transactions.

Also, found out by accident that paying a bill from a savings account costs CHF 8 or 10, but moving the money to the normal account (and then paying from there) costs 0, at least at UBS.

Tom
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Old 03.12.2015, 20:05
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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CS does that if you withdraw funds more than 12 times in a calendar year.
It's 12 times a year and a maximum amount of money (50000 chf I think) for free and then you have to pay for further transactions.
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Old 03.12.2015, 21:33
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Re: Is it normal to charge for transactions made from a bog standard savings account?

I told PF to go take a flying leap, there new service charges from
2016 onwards are a total joke.. not a real bank anyway
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Old 03.12.2015, 21:52
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Re: Is it normal to charge for transactions made from a bog standard savings account?

I`ve done a lot of transfers between current and savings account with UBS and never had a fee for that. Yes, transfer from the savings account cost CHF 5 or so
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Old 03.12.2015, 21:53
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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It's 12 times a year and a maximum amount of money (50000 chf I think) for free and then you have to pay for further transactions.
This page seems to indicate 10 withdrawals, so very close to what you've said.
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Old 03.12.2015, 22:23
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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I`ve done a lot of transfers between current and savings account with UBS and never had a fee for that. Yes, transfer from the savings account cost CHF 5 or so
Current to savings is free with credit Suisse too, it's just the other way around where there may be charges. The number of transactions and total amount
Varies depending on what banking package you have.

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This page seems to indicate 10 withdrawals, so very close to what you've said.
So Postfinance is 10 compared to the 12 at credit Suisse which is what I was referring to in my post in response to Aleydis. Not a lot of difference really though, I get the impression all the banks do this to put people off shifting their money around too much,
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Old 04.12.2015, 08:33
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Re: Is it normal to charge for transactions made from a bog standard savings account?

Thanks for the feedback guys. PostFinance is indeed 10 withdrawals... I wouldn't be so bothered if I wasn't generally shifting it around within the PostFinance environment, and I think it's damn cheeky of them to enforce this given that it costs them nothing to do so and everything is automatic and instantaneous. However if it's the norm in CH then I guess I'll just stop banging so much in my savings and keep my current account full. Bit annoying, though.
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Old 04.12.2015, 09:14
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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... given that it costs them nothing to do so and everything is automatic and instantaneous....
That's not the point though. The reason they do this is to reduce churn on the account and the reason for that is the way they account for and 'hold' that money. When you have a savings account, the money does not just sit in a vault paying you interest out of thin air, they have to work that money to generate the interest. Some of it has to be lent and some held back to cover short term withdrawals. The more withdrawals allowed, the more of the money has to be held in the bank to cover this and that part of the money earns nothing for them, meaning the other money has to work harder.

Very simplistic description, but just to show 'it does cost' at least in their ability to pay interest It's why fixed term and restricted withdrawal accounts generally pay more interest compared to easy access accounts.
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Old 04.12.2015, 09:16
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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That's not the point though. The reason they do this is to reduce churn on the account and the reason for that is the way they account for and 'hold' that money. When you have a savings account, the money does not just sit in a vault paying you interest out of thin air, they have to work that money to generate the interest. Some of it has to be lent and some held back to cover short term withdrawals. The more withdrawals allowed, the more of the money has to be held in the bank to cover this and that part of the money earns nothing for them, meaning the other money has to work harder.

Very simplistic description, but just to show 'it does cost' at least in their ability to pay interest It's why fixed term and restricted withdrawal accounts generally pay more interest compared to easy access accounts.
Meh sure you may be right, but it's still annoying especially since I pump some money into it every month.
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Old 04.12.2015, 09:26
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Re: Is it normal to charge for transactions made from a bog standard savings account?

CS is 50k per year from savings. If you wanted to move another 50k they would charge you chf 500 ... no joke! Also if you want to close your account they will charge you the same!

It's shocking. I can just about understand the idea if you are receiving a healthy interest rate from your savings account, but at the current 0.1% ?????
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Old 04.12.2015, 09:42
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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CS is 50k per year from savings. If you wanted to move another 50k they would charge you chf 500 ... no joke! Also if you want to close your account they will charge you the same!

It's shocking. I can just about understand the idea if you are receiving a healthy interest rate from your savings account, but at the current 0.1% ?????
Agreed. It clearly doesn't cost them anything to do the actual transfer, the only justifiable charge would be loss of interest for some period - but of course they wouldn't make anything from that.
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Old 04.12.2015, 09:47
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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Agreed. It clearly doesn't cost them anything to do the actual transfer, the only justifiable charge would be loss of interest for some period - but of course they wouldn't make anything from that.
And if they're not making any money from you, there's not much point in having you as a customer. ;-)
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Old 04.12.2015, 10:09
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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Meh sure you may be right, but it's still annoying especially since I pump some money into it every month.
If you need money, rather than transfer into savings every month and then transfer out what you need, why don't you just figure out what you need before you transfer in and only transfer what you can afford.
It's what I do as I see my savings account as money that I put aside for the medium/long term and my current account as money that I need to spend.
For example, I know I have a credit card bill coming up this month for flights to the US so rather than transfer the 2K to my savings I am leaving it in my current to pay that bill.
I also read the terms and conditions before I opened the account. Because I had to click that I had read the terms and conditions to open the account.
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Old 04.12.2015, 10:16
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Re: Is it normal to charge for transactions made from a bog standard savings account?

Open another savings account. Then you can have 8 more withdrawals no charge. Its a balancing act actually. I think you can have up to ten savings accounts.
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Old 04.12.2015, 10:17
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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Thanks for the feedback guys. PostFinance is indeed 10 withdrawals... I wouldn't be so bothered if I wasn't generally shifting it around within the PostFinance environment, and I think it's damn cheeky of them to enforce this given that it costs them nothing to do so and everything is automatic and instantaneous. However if it's the norm in CH then I guess I'll just stop banging so much in my savings and keep my current account full. Bit annoying, though.
Is it 10 withdrawals TOTAL or 10 external?

I had thought that it was 10 external, with unlimited internal - i.e. if you shift money from account to account within PF... But I can't remember off the top of my head.

Got to ask yourself the question though: if you are constantly shifting money around, is a savings account the right place to store it?

Last edited by Carlos R; 04.12.2015 at 10:27.
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Old 04.12.2015, 10:42
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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Is it 10 withdrawals TOTAL or 10 external?

I had thought that it was 10 external, with unlimited internal - i.e. if you shift money from account to account within PF... But I can't remember off the top of my head.

Got to ask yourself the question though: if you are constantly shifting money around, is a savings account the right place to store it?
It is 10 withdrawals TOTAL. I.e. for all of your savings accounts 10 aggregate withdrawals per year are free of charge.

You can open other accounts online, which you can use as "temporary savings", but they won't give you the same interest rate. Savings account have better interest rate, but restrictions on total number of withdrawals.

I had the same problem with Postfinance, and redesigned a bit my saving automatization. Instead of moving XX% to savings on the salary day (and then withrdawing when I need), I created a few accounts, named:
"holiday budget"
"car budget"
"education budget".
...

And I move certain % each month to each of those accounts. Holiday budget I use for holidays, car budget for car repairs, etc etc...
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Old 04.12.2015, 10:59
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Re: Is it normal to charge for transactions made from a bog standard savings account?

They do warn you, or at least inform you, of the T&C for making withdrawals from the savings account each time you enter a transaction.
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Old 04.12.2015, 11:11
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Re: Is it normal to charge for transactions made from a bog standard savings account?

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They do warn you, or at least inform you, of the T&C for making withdrawals from the savings account each time you enter a transaction.
Really? I had no idea until I received the letter... I certainly didn't see (or 'notice' may be more accurate) anything on-screen.

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Is it 10 withdrawals TOTAL or 10 external?

I had thought that it was 10 external, with unlimited internal - i.e. if you shift money from account to account within PF... But I can't remember off the top of my head.

Got to ask yourself the question though: if you are constantly shifting money around, is a savings account the right place to store it?
'Constantly' is a bit strong, but I do occasionally on some months if I go over budget, then I transfer some from my savings to my main account. And yes, for me it was the right place to store my money due to the convenience of having everything on the same hassle-free interface.

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It is 10 withdrawals TOTAL. I.e. for all of your savings accounts 10 aggregate withdrawals per year are free of charge.

You can open other accounts online, which you can use as "temporary savings", but they won't give you the same interest rate. Savings account have better interest rate, but restrictions on total number of withdrawals.

I had the same problem with Postfinance, and redesigned a bit my saving automatization. Instead of moving XX% to savings on the salary day (and then withrdawing when I need), I created a few accounts, named:
"holiday budget"
"car budget"
"education budget".
...

And I move certain % each month to each of those accounts. Holiday budget I use for holidays, car budget for car repairs, etc etc...
How did you create these extra accounts? And are they charge-free?
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