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  #21  
Old 12.07.2012, 11:00
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Re: Post Finance cancels accounts of American residents

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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.

your passport is issued by which country?
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  #22  
Old 12.07.2012, 16:01
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Re: Post Finance cancels accounts of American residents

I have two passports ( I am a dual national) UK and USA. I was born in the UK but became a US citizen in my 40's. Unfortunately I opened the account with my US passport as I have a US address and pay tax there. I have always declared the account to the IRS . It is just so unfair that ordinary law /tax abiding citizens should be discriminated against in this way. I now have no way to pay Swiss utility bills, building maintenance, property taxes etc..
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  #23  
Old 12.07.2012, 19:27
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Re: Post Finance cancels accounts of American residents

Heidi,

The problem is that your US citizenship puts you on the FATCA radar, - regardless of any other citizenships you hold.

You might want to talk to one of the bigger banks in the US about holding a CHF denominated account...

And to reiterate my eariler plea: please tell your story to your Senator and Representative, as well as to ACA. That 'normal' law-abiding Americans are being hurt by this law needs to be publicized.

Hope you find a workable solution.
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  #24  
Old 15.07.2012, 16:07
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Re: Post Finance cancels accounts of American residents

I wonder how they would treat US citizens on C Permits that are "put on hold" due to time-limited expatriation assignments with Swiss companies and who have the intent of returning to Switzerland after the assingment.
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  #25  
Old 22.08.2012, 18:46
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Re: Post Finance cancels accounts of American residents

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Has any affected American heard from PostFinance? I have received nothing, either paper or electronic, from them on this topic.
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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.
Unlike Heid-Bear I have still not heard from PostFinance ... not complaining

In fact today I got my paper credit card statement, which shows CHF 50 deducted as the annual fee. So it seems that they still consider me their customer.

It could be because I have a small account, the balance has always been below USD 10,000, the level at which I would have to file various forms with the US Treasury.

Would love to hear the experience of other non-resident US persons.
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  #26  
Old 23.08.2012, 12:28
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Re: Post Finance cancels accounts of American residents

I'm CH/US dual citizen living in CH for the past 30 yrs and have been a home owner for the past 20 yrs. Last Tuesday I was told by the Post Finance that since im a "US person" I'm only allowed the very basic banking services (savings accnt, chequing accnt). I'm not allowed to open a 3A accnt that invests in funds, I'm not allowed to open an accnt for trading stocks, and here is the kick in the derriere! they will NOT give me a mortgage for the home I've owned for the last 20 yrs!!! To top things off I was told that beginning next year the Post Finance will no longer be controlled by the Swiss govt and that I might be forced to close my basic chequing accnt that hardly pays any interst.
The way things are going in regards to FATCA it looks like the only thing a "US person" abroad can do to protect his wife ( not "US person") and 2 chindren ( unfotunately "US person" ) is to pay the 450$ and renounce US citizenship.
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  #27  
Old 04.10.2012, 02:07
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Re: Post Finance cancels accounts of American residents

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Unlike Heid-Bear I have still not heard from PostFinance ... not complaining
Alas, today I heard from them ... they told me to go away

Not a real problem, cash plus US credit card will do almost everything except book an apartment from an individual (as opposed to a real estate office). Paying from my bank will be slightly more expensive, but not enough to matter in the larger scheme of things.
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  #28  
Old 04.10.2012, 09:21
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Re: Post Finance cancels accounts of American residents

Looks like UBS and Credit Suisse will soon be the only two willing and able to have Americans as clients.
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  #29  
Old 05.10.2012, 17:28
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Re: Post Finance cancels accounts of American residents

From IsaacBrockSociety.ca website today:
"Anita Greil, Managing Editor of the Wall Street Journal, is preparing an article on the effects of FATCA

ACA (American Citizens Abroad) posted this on Facebook today: ‘She is looking for Americans who have encountered banking and financial issues/problems (account closures, refusals of service, etc.) as a result of FATCA for an upcoming article. If you would like to participate please get in touch with Anita at:
Anita.Greil@dowjones.com
phone: 41 43 443 8044
cell: 41 79 649 2039 "

Looks like an opportunity for any US Person who has been tossed out of a Swiss bank or had accounts closed to give input for her article.
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  #30  
Old 05.10.2012, 19:00
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Re: Post Finance cancels accounts of American residents

Thanks to arm-twsiting laws of U S of A......
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  #31  
Old 06.10.2012, 10:12
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Re: Post Finance cancels accounts of American residents

There's a fine article on the tax jihad that the US has launched on its overseas citizens in October's "BC Business Magazine" from Vancouver, Canada. It's titled: "U.S. Tax Laws: The Long Arm of Uncle Sam"

http://www.bcbusinessonline.ca/perso...-arm-uncle-sam

Enjoyed the professor's comment about how the US is so "parochial". I might add: mean-spirited, vicious and plain stupid.
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