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View Poll Results: Who do you bank with?
UBS 50 49.50%
Credit Suisse 24 23.76%
Zürich Kantonal 12 11.88%
MigrosBank 3 2.97%
Die Post 14 13.86%
Other 18 17.82%
Consumer banking is for masses 3 2.97%
Multiple Choice Poll. Voters: 101. You may not vote on this poll

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  #21  
Old 23.08.2006, 09:48
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Re: Consumer banking in Switzerland.

Quote:
Stuinzuiri, why did you move your plastic to CS then? What was your perceived advantage?
It had nothing to do with advantage. My UBS branch office seriously 'wronged' me and I made a totally emotional reactive decision not to be a customer of theirs any longer.
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  #22  
Old 23.08.2006, 21:39
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Re: Consumer banking in Switzerland.

Thanks Muse!

I guess you hear so many stories and have so many of your own experiences where you get burned for not knowing, for not being this or that, papers not in absolute perfect order that I get nervous when trying to figure out which way to go with these things!

Now to figure out which one will be best for me. That Migros card is uglier than sin, though. Can you imagine handing that to someone at a store? "No, that's not my shopping discount card, that's my credit card. Really."
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  #23  
Old 23.08.2006, 22:04
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Re: Consumer banking in Switzerland.

Oh no, is it the Budget logo?

Argh that is awful. Imagine going to Rome with a new boyfriend/girlfriend and you have just got to pay that fancy hotel you booked for your romantic weekend, and then watch the manager's face (and your partner's) when you pull that spinach green card out .

Stuinzuri, I had a similar thing where UBS tried to unjustly charge me 60 CHF. I protested, and they refunded this, but you have to be insistent (which is annoying I know).
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  #24  
Old 23.08.2006, 22:34
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Re: Consumer banking in Switzerland.

Quote:
Oh no, is it the Budget logo?

Argh that is awful. Imagine going to Rome with a new boyfriend/girlfriend and you have just got to pay that fancy hotel you booked for your romantic weekend, and then watch the manager's face (and your partner's) when you pull that spinach green card out .
It is, indeed. The Coop one is also the supercard look, but that's much more laid back and unobtrusive than the giant M BUDGET CREDIT CARD stuff....

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  #25  
Old 23.08.2006, 22:52
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Re: Consumer banking in Switzerland.

A friend of mine - and I mean someone else, not me - who works in PR told me that the Coop credit card is targeting customers who wouldn't usually have access to such cards... and guess what? The number of people getting into immediate debt problems has tripled in the last few months. Whooops!
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  #26  
Old 23.08.2006, 23:00
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Re: Consumer banking in Switzerland.

Quote:
A friend of mine - and I mean someone else, not me - who works in PR told me that the Coop credit card is targeting customers who wouldn't usually have access to such cards... and guess what? The number of people getting into immediate debt problems has tripled in the last few months. Whooops!
I believe its against the law for lenders to give money to people who are high credit risks - not to mention bad business sense. Although I know banks play this tactic in Australia - extend credit card borrowing limits for poor people until all they can do is repay the interest.
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  #27  
Old 23.08.2006, 23:07
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Re: Consumer banking in Switzerland.

yes, in the last 5 years you've had to pass a credit check to get credit.

thankfully I've passed each time
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  #28  
Old 24.08.2006, 07:17
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Re: Consumer banking in Switzerland.

Quote:
Stuinzuri, I had a similar thing where UBS tried to unjustly charge me 60 CHF. I protested, and they refunded this, but you have to be insistent (which is annoying I know).
I wish it was only a SFr60 issue. Try these key phrases: 20k, five weeks, incompetance, lies and and "not my problem". Lack of persistance on my part had nothing to do with it...when i went into the branch to close my account two days ago (and one year after the problems) the tellers knew exactly who I was.

Edit: that said, i acknowledge the situation was unusual. but the consequences for me were non-trivial and i felt burned by it...so much so that the hassle of switching banks was worth it.

Last edited by stuinzuri; 24.08.2006 at 13:36.
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  #29  
Old 24.08.2006, 09:05
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Re: Consumer banking in Switzerland.

Although I have not had any trouble with UBS and the online banking works nicely, I will be moving to the first bank that will give me a Visa card on an L permit.

Seemingly CS are able and willing.

I think unless you're dealing with a lot of money, banks are banks are banks.
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  #30  
Old 24.08.2006, 09:44
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Re: Consumer banking in Switzerland.

Quote:
Although I have not had any trouble with UBS and the online banking works nicely, I will be moving to the first bank that will give me a Visa card on an L permit.

Seemingly CS are able and willing.

I think unless you're dealing with a lot of money, banks are banks are banks.
Curious - I got a UBS credit card with an "L" permit...
I don't work for UBS (I just worked in the building) either.
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  #31  
Old 24.08.2006, 10:05
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Re: Consumer banking in Switzerland.

They were unyielding in attitude in spite of my appeals... I have a good salary, a contract of permanent employment and an 18 month contract on my apartment, but all I was given was a Maestro card. My Swiss GF, who is a student with no income was blessed with one and a fat limit to boot.
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  #32  
Old 24.08.2006, 11:20
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Re: Consumer banking in Switzerland.

I'm just in discussion with CS about an extra charge they decided to lump on.

I've been doing most of my banking online for years now. I only occasionally glance at the paper statement that they keep sending me.

Last night, I noticed this on the paper statement:

Payment Order to Blahblah, Value 39.95
Plus our charges of CHF 8.

I checked my online statement, which was a one liner stating:
Payment Order to Blablah, Value 47.95.

OK it's only peanuts but I'm not so happy, as I don't know if this has happend before. I'll keep you posted.
=DM=
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  #33  
Old 24.08.2006, 13:15
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Re: Consumer banking in Switzerland.

UBS also charges for internet payments (0.30 CHF per payment), which is annoying. Postfinance does not I believe.
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  #34  
Old 24.08.2006, 13:29
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Re: Consumer banking in Switzerland.

Quote:
UBS also charges for internet payments (0.30 CHF per payment), which is annoying. Postfinance does not I believe.
UBS: http://www.ubs.com/1/e/ebanking/inte...net_price.html
Have 10 grand in your account or a mortgage and you're away scot-free
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  #35  
Old 24.08.2006, 13:32
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Re: Consumer banking in Switzerland.

Yes, true. I mean that for people with less than 10k or 7.5k at post, it is free at Postfinance but not at UBS.
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  #36  
Old 28.08.2006, 21:59
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Re: Consumer banking in Switzerland.

Been with UBS since being in CH, 7 years, good experiences.

Got a mortgage with Schwyz KB, but renewed with UBS... everything highly negotiable.

In Pfäffikon SZ they are setting up a new branch and being v. aggressive to gain business. If you live in the catchment area and want an intro let me know.
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  #37  
Old 30.08.2006, 08:56
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Re: Consumer banking in Switzerland.

Quote:
Actually, if anything will eventually get me to close my UBS account, it is the fact that their credit cards seemed to be issued by a sub-division. Therefore, real-time transfer of funds from a UBS statement account to a UBS credit card is not possible, and takes between 48-72 hours to be effective. In addition, the transaction date of the credit payment is about 4 working days later, even if it is was made electronically via UBS banking. Of course, the debits are always backdated to the day the transaction was made. Very convenient.
I was totally astounded when arriving in Switzerland to find that I could make a payment out of my account to my landlord, and it was not processed or dated the same day. Its all the one bank!!! In Australia, this is called kiting (holding funds overnight or several days before making payment) and it is illegal. In Switzerland it is deemed an ingenious idea of the banks to create more money/cash flow/interest income. Real time is a one way concept, as pointed out above. Very convenient.

In general, I think banking in Switzerland sucks, and I have tried both CS and UBS (changed from CS to UBS) and also a Kantonalbank, which was actually quite good but a little parochial for my purposes. It is probably because I don't have enough money, but also because my expectations are simply other than the reality.

Lisa
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  #38  
Old 30.08.2006, 12:59
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Re: Consumer banking in Switzerland.

Quote:
In Australia, this is called kiting (holding funds overnight or several days before making payment) and it is illegal. In Switzerland it is deemed an ingenious idea of the banks to create more money/cash flow/interest income.
This is illegal as well in the US. We were horrified upon arrival in the UK to find that it was standard practice to charge us an exorbitant fee to wire money to our account in the US and then have them take several days to do it. Online bill payments also take days to post, even though the money immediately debits from your account. It's disappointing to hear that this is the case in Switzerland as well.
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  #39  
Old 30.08.2006, 16:03
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Re: Consumer banking in Switzerland.

Quote:
This is illegal as well in the US. We were horrified upon arrival in the UK to find that it was standard practice to charge us an exorbitant fee to wire money to our account in the US and then have them take several days to do it. Online bill payments also take days to post, even though the money immediately debits from your account. It's disappointing to hear that this is the case in Switzerland as well.
This action what had me up in arms with UBS...and the reason i moved to CS...and the inspiration for this thread. Five weeks!!! And the gave me a bunch of BS...arghh...need to go calm down...
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  #40  
Old 30.08.2006, 17:28
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Re: Consumer banking in Switzerland.

Just an important point to note here - when we talk about realtime clearing there needs to be a distinction drawn between how transfers behave in the domestic network, within the same bank and internationaly.

Whether or not the bank can provide realtime updates of balance (like most Australian banks) or update your balance overnight - there is a different angle to consider with the transfers.

International transfers are sent by way of messages with the payment instruction. There will be a value date and a booking date. It is possible to also put the value dates in the past or the future. Consider this transfer:

Bank A sends an amount to bank B.

Client of bank A looks in his account and sees:
Booking: Monday, value date: Monday

Bank A sends the following message to Bank B:
Booking: Monday, value date: Tuesday

Now the person responsible for matching and checking the incoming payment at bank B was busy, or on the phone to their boyfriend so they didn't manage to get to it until Tuesday.

They book it to the client at bank B like this:
Booking: Tuesday, value date: Wednesday

Now presuming that bank B only updates balances overnight client B only sees it on Wednesday anyway - the same day funds "clear".

The steps I described above are likely for an international transfer - and each bank stole 1 day of interest. It could vary from 0 days to 5 days. I often get incoming payments with booking dates and value dates 5 days apart. It happens with certain UK banks, and I know that it is not my bank that has added the additional days - it's the sending bank.

When payments go between 2 different countries they go between two different banking systems. Someone, somewhere has to match up the info in the message and make sure it gets routed to the next bank in the chain and the correct account at the end of the line. This means that it is not realistic to expect "instant" transfers unless you are dealing with two branches of the same company (like Western Union for example).

In the case of domestic transfers the situation is a little different. If systems are harmonised then it would be possible to route stuff automatically and speed the process up. I've often had funds cleared between CS and UBS in under 30 minutes. If you want to send to a kantonal bank or (even worse) the post, then you could be waiting for a while.

Also important to remember is that our "modern" system of banking has actually changed very little from the correspondant system of banking started in the 14th century...

I have heard of funds disappearing for exended periods between UBS accounts - since this is the same bank there's just no excuse!
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