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Old 20.06.2016, 11:01
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Cashing checks in USD - not accepted any more!?

I am having a horrific experience. I sold my house in the US and received the money in form of a check, because the Title company stated they can't do international wire transfer (how dumb is that - but not really surprising).

I checked with my bank Postfinance to make sure they can accept checks. No problem, send it to a certain address. Waiting for the credit - not coming. Instead I get a letter from Postfinance: "Unfortunately, PostFinance can no longer accept Checks in USDm since June 1, 2016."

I asked for details. They say that their routing bank, Deutsche Bank, doesn't handle USD checks any more. Why didn't they inform their customers of this change? Checks are so little used they thought it wasn't necessary. Except when you do have to deposit a check, it's kind of important...

I asked some other banks. Valiant said they too don't take USD checks any more but Raiffeisen stated there was no problem with paper checks, and they too use Deutsche Bank.

So I'm curious to know whether others have made similar experiences? Is there a tendency to phase out USD checks completely?
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Old 20.06.2016, 11:06
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Re: Cashing checks in USD - not accepted any more!?

UBS took my BoA cheque some 6 months ago and deposited it on my Usd account with them. It took long time to clear.
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Old 21.06.2016, 07:24
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Re: Cashing checks in USD - not accepted any more!?

Hi
I just got this news from Post Finance too. Migros bank also refuses to process checks in USD. I decided to join ACA (American citizens abroad) which makes it possible to open a US account with SDFCU ( State Department Fed. Credit Union) where I can have incoming funds deposited directly and have full internet bankng servises ( as well as other services, like credit card etc.) that will allow me to tranfer my funds to my swiss bank account, and this probably with a lower fee than with the previous arrangementwith Post Finance.
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Old 21.06.2016, 07:38
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Re: Cashing checks in USD - not accepted any more!?

Find a forex service based in the US which accepts cheques and will transfer the CHF amount to your Swiss account, at usually better exchanges rate than the banks.
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Old 21.06.2016, 09:40
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Re: Cashing checks in USD - not accepted any more!?

"Find a forex service"

If you have done this, could you perhaps give details to the forum? If you haven't done it, how do you know it works?
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Old 21.06.2016, 10:52
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Re: Cashing checks in USD - not accepted any more!?

Why would it not "work"? What barriers would there be? I regularly use a forex service to transfer funds from the UK to my bank account in Switzerland. However, that is a UK based one, so recommending that is unlikely to help you.

You could try searching for one. It's just a suggestion for another way of dealing with things.
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Old 21.06.2016, 11:20
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Re: Cashing checks in USD - not accepted any more!?

You seem to have misunderstood the question. Of course with a US based account you can deposit USD checks and transfer funds to a Swiss account by direct wire. My problem is finding an institution in Switzerland that will accept USD checks.
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Old 21.06.2016, 11:42
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Re: Cashing checks in USD - not accepted any more!?

Did you talk to UBS?
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Old 21.06.2016, 13:03
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Re: Cashing checks in USD - not accepted any more!?

I'm interested to hear of other people's experiences:
* Do you regularly or sometimes deposit USD checks? In that case I recommend that you make sure the service is still available.
* Has your Swiss bank changed its check policy recently?
* Have you been been informed of such changes in advance?
* What reasons were given, if any?
* Have you been affected and perhaps harmed by such changes?
* Have you encountered US institutions that insist on issuing checks?
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Old 21.06.2016, 17:07
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Re: Cashing checks in USD - not accepted any more!?

Quote:
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I'm interested to hear of other people's experiences:
* Do you regularly or sometimes deposit USD checks? In that case I recommend that you make sure the service is still available.
* Has your Swiss bank changed its check policy recently?
* Have you been been informed of such changes in advance?
* What reasons were given, if any?
* Have you been affected and perhaps harmed by such changes?
* Have you encountered US institutions that insist on issuing checks?
****UBS****

I have used UBS.
That is my experience.
I, like you, need one check deposited.
I used.... UBS.


Have you tried them? I'm sorry I don't have time to look up there policies to see if they have changed. But it is very easy to CALL them and ask. Do you want me to call them for you?
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Old 21.06.2016, 17:17
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Re: Cashing checks in USD - not accepted any more!?

I don't think my statement needs to be repeated. I welcome contributions that are informative. Telling people to call UBS or whatever is not informative. If you have somethinbg relevant to say, say it. If not, then don't.
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Old 21.06.2016, 18:20
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Re: Cashing checks in USD - not accepted any more!?

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I don't think my statement needs to be repeated. I welcome contributions that are informative. Telling people to call UBS or whatever is not informative. If you have somethinbg relevant to say, say it. If not, then don't.
You really are a confused person
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Old 21.06.2016, 18:49
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Re: Cashing checks in USD - not accepted any more!?

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I don't think my statement needs to be repeated. I welcome contributions that are informative. Telling people to call UBS or whatever is not informative. If you have somethinbg relevant to say, say it. If not, then don't.
First, this is an open Forum and you don't get to pick and choose how people reply. Asking if you've contacted UBS is not an irrelevant reply - in fact most of the time when folks with American banking issues ask questions, the first reply is to try UBS. That's where folks seem to have the most success.

I'll answer your questions from my experience though:
* Only in my U.S.-based account
* Nope.
* They send monthly newsletters. I suppose if I bothered to read them I might learn of any changes.
* All changes I've encountered are because I'm one of those dreaded "U.S. persons for tax purposes"
* Yes, but there wasn't a darn thing I could do except not have a bank account in CH.
* Yep, pretty much all of them.

I know this doesn't seem very helpful, but I'm giving you honest feedback. It's a pain in the neck to be a U.S. person in CH. I have kept my U.S. bank account and just deposit all U.S. checks there. We go there on holiday each year, so it's fine to keep money there and use it there.

Good luck!
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Old 21.06.2016, 19:25
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Re: Cashing checks in USD - not accepted any more!?

Friends, there's a difference between posting
(A) "Have you called the UBS?" and
(B) "I recently [when?] deposited a check with UBS and there was no problem. They charged X franks processing fee."

(B) is an informative statement that readers of the forum might find helpful. (A) is just smartassery. In case you want to know, yes, it did occur to me to contact UBS. I will report on the results.

I consider this forum a useful source of information and not a vehicle of personal aggrandizement. I think it is good forum etiquette to think before posting - am I really making a useful contribution? which information should I include to be as helpful as possible? I started this thread mainly so that others in a similar situation would be warned and wouldn't have to make the experience I went through.

As an update: Postfinance has apologized and sent cinema vouchers as a little gesture. The US Title company still insists that they cannot under any circumstances wire money internationally. I wouldn't believe this if I didn't see it - how can anybody be so backward?

Both Raiffeisen and UBS have said that they still process USD checks. Of course one must have an account with them.
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Old 21.06.2016, 20:41
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Re: Cashing checks in USD - not accepted any more!?

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Friends, there's a difference between posting
(A) "Have you called the UBS?" and
(B) "I recently [when?] deposited a check with UBS and there was no problem. They charged X franks processing fee."

(B) is an informative statement that readers of the forum might find helpful. (A) is just smartassery. In case you want to know, yes, it did occur to me to contact UBS. I will report on the results.
it occurred to you but you haven't done it yet.

Quote:

I consider this forum a useful source of information and not a vehicle of personal aggrandizement. I think it is good forum etiquette to think before posting - am I really making a useful contribution? which information should I include to be as helpful as possible? I started this thread mainly so that others in a similar situation would be warned and wouldn't have to make the experience I went through.

As an update: Postfinance has apologized and sent cinema vouchers as a little gesture. The US Title company still insists that they cannot under any circumstances wire money internationally. I wouldn't believe this if I didn't see it - how can anybody be so backward?

Both Raiffeisen and UBS have said that they still process USD checks. Of course one must have an account with them.
You should maybe stop being so paranoid and assuming everything is "smartassery".

I asked if you tried already UBS because I have cashed a check with them before. However, since it was a two or three years ago their policies may have changed .So had you already talked to them it would have saved me from having to type out a longer answer on my phone while I'm at work.

And yes. You need to open an account with them. But guess what, you can then, OMG, close the account after your check clears. (yes, that was smartassery).

Seems like a small price to pay to collect money from the sale of a house... unless it was a double wide in Detroit. (that too was smartassery).

PS, maybe you should listen to your own advice. I have contributed many more help posts on here than any of you 6 lovely posts. And providing feedback also helps us help you.
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Old 10.01.2020, 14:46
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Re: Cashing checks in USD - not accepted any more!?

It's an old thread, but I'm facing a similar issue now, perhaps someone can help? I got a check from the United States and there is literally no way for them to transfer the money in any other way.
I wanted to cash the check at my bank (BEKB) and they said they have no way to do it. Does anybody know if any other bank can handle this? Anybody had a more recent experience with this? I'd appreciate any help
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Old 10.01.2020, 14:47
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Re: Cashing checks in USD - not accepted any more!?

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It's an old thread, but I'm facing a similar issue now, perhaps someone can help? I got a check from the United States and there is literally no way for them to transfer the money in any other way.
I wanted to cash the check at my bank (BEKB) and they said they have no way to do it. Does anybody know if any other bank can handle this? Anybody had a more recent experience with this? I'd appreciate any help
Can you ask for the cheque to be reissued to someone you know in the US who can then cash it and forward you the proceeds?
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Old 10.01.2020, 14:49
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Re: Cashing checks in USD - not accepted any more!?

UBS does it, costs around CHF 40 and a month's wait.

Tom
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Old 10.01.2020, 18:43
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Re: Cashing checks in USD - not accepted any more!?

I have a check in process right now at credit Suisse. It will cost 40-50 chf and has been there two weeks so far.
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