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Old 05.09.2012, 13:04
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Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

Wir wurden von der Berner Kantonalbank AG informiert, dass die Eröffnung der Mietkaution leider nicht möglich ist, da Sie die amerikanische Staatsbürgschaft haben.

Wow, thanks FATCA...as if I'm going to hide 1000 unreported CHF from the IRS
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Old 05.09.2012, 13:23
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

stinks, doesn't it. I mean, when you hear Americans are having trouble opening accounts you think "not a big deal", but, really, it is a PITA. Can you open one at Post Finance?
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Old 05.09.2012, 14:30
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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Wir wurden von der Berner Kantonalbank AG informiert, dass die Eröffnung der Mietkaution leider nicht möglich ist, da Sie die amerikanische Staatsbürgschaft haben.

Wow, thanks FATCA...as if I'm going to hide 1000 unreported CHF from the IRS
While it's easy for me to read, please please please provide a translation if you post something in German, French, Italian, or any other language.

For the benefit of those who's German is not up to task, here's a translation

"We were informed by the Bern Cantonal Bank AG, that the opening of a rent deposit account is unfortunately not possible because you have American Citizenship."
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Old 05.09.2012, 15:33
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

Hopefully your landlord will accept insurance instead. Take a look at SwissCaution. http://www.swisscaution.ch





Thanks Slaphead for reminding us of the rules re language.
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Old 05.09.2012, 15:40
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

Oh, man, that sucks so much. Most Swiss banks just have this US citizen paranoia right now. Maybe Raiffeisen Bern?
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Old 05.09.2012, 17:16
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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Hopefully your landlord will accept insurance instead. Take a look at SwissCaution. http://www.swisscaution.ch





Thanks Slaphead for reminding us of the rules re language.
AFAIK, landlords are obliged by the law to accept SwissCaution.
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Old 05.09.2012, 17:29
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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AFAIK, landlords are obliged by the law to accept SwissCaution.
AKAIK, they are not.
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Old 05.09.2012, 17:37
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

What a rip off. I just made the calculation for myself:

Twelve years ago I moved into my apartment and had to deposit 6000 CHF, which are now 7000 CHF thanks to interest.

With that insurance I would have paid something like 3400 bucks in the same time; money I never see again.
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Old 05.09.2012, 18:36
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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What a rip off. I just made the calculation for myself:

Twelve years ago I moved into my apartment and had to deposit 6000 CHF, which are now 7000 CHF thanks to interest.

With that insurance I would have paid something like 3400 bucks in the same time; money I never see again.
It's insurance. You don't get money back on insurance.
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Old 05.09.2012, 18:43
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

Yes, but the money from a deposit you do get back.
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Old 05.09.2012, 18:57
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

Actually, for a foreigner I would recommend this kind of insurance anyway.
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Old 05.09.2012, 19:00
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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Yes, but the money from a deposit you do get back.
Well, in theory you do...
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Old 05.09.2012, 19:07
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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Well, in theory you do...
It can take some time that's true. That's why I said the insurance is better for people who just move to Switzerland and and want to move out quickly or so.
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Old 05.09.2012, 19:11
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

Try UBS or Credit Suisse, Zugerkantonal also refused us when we arrived because of my wife. We just took her off the account because I am Australian.

UBS have been helpful for us with bank accounts, credit cards, mortgage. They said we couldn't do investments. Nothing to invest
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Old 05.09.2012, 19:22
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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Yes, but the money from a deposit you do get back.
Right. But it's not the same thing, is it?

It's not for everyone. I've never used it myself. We did have tenants use it.

I can however see how it can help for the first year as you save up your deposit more or for the OP if it turns out that banks are not opening deposit accounts for Americans ().
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Old 05.09.2012, 19:51
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

I do not think FATCA is to blame here.

First the blame lies with tax evading Americans

Second the blame lies with establishments who assited Americans in evading taxes.

Now this is so much compliance involved with having an American customer, many are saying too much hassle to deal with........at the moment.

I think it is silly, particulalry when talking rental deposit account, but, well just saying.
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Old 06.09.2012, 02:07
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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I do not think FATCA is to blame here.

First the blame lies with tax evading Americans

Second the blame lies with establishments who assited Americans in evading taxes.

Now this is so much compliance involved with having an American customer, many are saying too much hassle to deal with........at the moment.

I think it is silly, particulalry when talking rental deposit account, but, well just saying.
People have been evading taxes ever since humans invented taxes. Your argument thus demands for all humans to be denied banking services since some humans evade taxes.

This is the wrong approach because you are demanding for the innocent to be harmed because of the actions of the guilty.

What America is actually doing is a US federal crime. It is a federal crime in America to pressure a bank to deny a person a mortgage due to their national origin.

FATCA must be implemented in such a manner that it does not harm the innocent and until then, FATCA is criminal and anyone defending FATCA under existing conditions is defending crime which promotes tax evasion since people don't want to be robbed by a criminal government, demonstrating the need for banking secrecy.
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Old 06.09.2012, 07:39
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

Actually, the US is not denying anyone a mortgage. They are the root cause, I agree, but exaggerating the problem, while typically American, does not help anyone come to a resolution.
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Old 06.09.2012, 08:08
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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Actually, the US is not denying anyone a mortgage. They are the root cause, I agree, but exaggerating the problem, while typically American, does not help anyone come to a resolution.
I didn't write that the US is denying anyone a mortgage, but rather that it is pressuring banks to deny US persons mortgages, which equates to the same thing. There is no difference, which is why you mentioned the US denying mortgages in response to it pressuring banks to do so.

There is not a single bank in Switzerland which would deny a US person a mortgage if US policy wasn't pressuring them to do so.

I realize that the US government had no intention of committing US federal crimes, but it does so since Americans abroad have no representation and it still needs to implement FATCA in such a manner that it does not harm the innocent.
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Old 06.09.2012, 09:00
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Re: Couldn't open a Mietkaution (Rent Deposit) account, Thanks FATCA

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Wir wurden von der Berner Kantonalbank AG informiert, dass die Eröffnung der Mietkaution leider nicht möglich ist, da Sie die amerikanische Staatsbürgschaft haben.

Wow, thanks FATCA...as if I'm going to hide 1000 unreported CHF from the IRS
It's the landlords responsibility to open the account, not the tenants....

Or are you the landlord?
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