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-   -   Postfinance done with free accounts (https://www.englishforum.ch/finance-banking-taxation/287231-postfinance-done-free-accounts.html)

ChrisNeedsToKnow 04.11.2018 23:35

Re: Postfinance done with free accounts
 
This Postfinance mess triggered my post regarding neon-free:

https://www.englishforum.ch/finance-...f-account.html

AMEX 13.11.2018 22:52

Post Finance closed free bank account services
 
Hi all,

Other than Migros Bank, do you know any other banks which provide free bank services (if you have CHF 7500 or CHF 10000) in the private?

Thanks.

Jeep Life 13.11.2018 23:00

Re: Postfinance done with free accounts
 
Did you check credit suisse? Although I didn't go with them, they offered me free banking services, which if I'm not mistaken the min amount in account must be 8k CHF.

It was a few months ago though.

gabri87 14.11.2018 13:33

Re: Post Finance closed free bank account services
 
Quote:

Originally Posted by AMEX (Post 3013243)
Hi all,

Other than Migros Bank, do you know any other banks which provide free bank services (if you have CHF 7500 or CHF 10000) in the private?

Thanks.

I recently found out about BCV (https://www.bcv.ch). I am reserching it as it looks totally free from 10'000 CHF apart from ATM withdrawal (though you can use for free any kantonalbank ATM).
I think you can open an account online also if resident in another Kanton. No euro account, but you can use revolut I guess.

If anyone has any direct experience, please share.

Gramatyka356 14.11.2018 20:44

Re: Post Finance closed free bank account services
 
Quote:

Originally Posted by gabri87 (Post 3013433)
I recently found out about BCV (https://www.bcv.ch). I am reserching it as it looks totally free from 10'000 CHF apart from ATM withdrawal (though you can use for free any kantonalbank ATM).
I think you can open an account online also if resident in another Kanton. No euro account, but you can use revolut I guess.

If anyone has any direct experience, please share.

I still have an account with them. Yes, it's completely free. You get Maestro card. I don't remember if there are any fees for using foreign ATMs. I just opened the account few years ago as a backup one in case something goes wrong with PF. I always do such things as I always prefer to have a plan B :D

Guest 14.11.2018 21:02

Re: Postfinance done with free accounts
 
"No account management fees shall be charged for investment assets of at least CHF 25,000 per customer relationship.

This means that a customer with a private account and investment assets of at least CHF 25,000 is exempt from the account management fee.
If they also have a partner account with investment assets of less than CHF 25,000, they will however be charged the account management fee for this account."


I have a bit more than 25k at PostFinance and my husband has less.


My husband received the fee letter( he has only a couple of thousands).


If I did not receive any letter?



Means I will not have to pay the fee?

Guest 14.11.2018 21:09

Re: Postfinance done with free accounts
 
Oh, I found it:
"Do I also pay account management fees for a savings account?

No, the savings account will remain free of charge."


Thanks God!

yacek 14.11.2018 22:15

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivank (Post 3002138)
Any good/bad experiences with Crédit Agricole next bank

I can't find any rating agencies rating for Swiss branch of Credit Agricole.
For some other banks in Switzerland it is here:
https://www.moneyland.ch/de/bankenrating

A 2014 article said the French part of it was rated at A/A+ by some agencies:
https://www.kritische-anleger.de/cre...e/test/#Rating

drkarthiks 18.11.2018 09:00

Re: Postfinance done with free accounts
 
Quote:

"No account management fees shall be charged for investment assets of at least CHF 25,000 per customer relationship.

This means that a customer with a private account and investment assets of at least CHF 25,000 is exempt from the account management fee.
If they also have a partner account with investment assets of less than CHF 25,000, they will however be charged the account management fee for this account."


I have a bit more than 25k at PostFinance and my husband has less.


My husband received the fee letter( he has only a couple of thousands).


If I did not receive any letter?



Means I will not have to pay the fee?
I think all accounts are being charged irrespective of balances. If you do have investments/mortgage with PF higher than the limit, then you will not be charged.

switzerlove 19.11.2018 16:53

Re: Postfinance done with free accounts
 
I have had a second account with Migros Bank for ages and i am actually quite impressed of their ebanking interface as well support. It has improved over the years quite a lot as well.
Comparatively PF has made a difficult process when logging in with the yellow card. Plus it requires the physical card which I never quite understood why.

Anyway, I am closing all my PF accounts and moving to Migros Bank. I dont think it is in any way inferior to PF, except that is when you really require English for your banking interface.

wheatism 19.11.2018 20:49

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by switzerlove (Post 3015035)
...Comparatively PF has made a difficult process when logging in with the yellow card. Plus it requires the physical card which I never quite understood why.


Good luck with the bank move but just for clarification, actually you can login to PF without the physical card; you just need to set up SIM security login. I did this a while back and love it. Secure and very simple.

switzerlove 19.11.2018 20:56

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by wheatism (Post 3015083)
Good luck with the bank move but just for clarification, actually you can login to PF without the physical card; you just need to set up SIM security login. I did this a while back and love it. Secure and very simple.

It isn't that easy since I am on a Lyca prepaid, and oh well Mobile Id wasn't supported for the longest time for prepaid clients and as far i know, you need to pay an additional CHF 20/40 for getting a new Mobile-ID capable SIM.
Don't think this will be the case with my Lyca prepaid, at least not as simple as for example NAB or Credit Suisse logins that work with any mobile numbers.

But if you are on a regular Swisscom or Salt contract that may be an option, and I would have done it if setting it up was easy.

switzerlove 19.11.2018 23:59

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by wheatism (Post 3009011)
I depends on personal circumstances. I personally prefer Revolut as I travel a lot and find their app and cards easier to use. I currently transfer CHF from PF into TW and then top up Revolut via the TW debit card (all free).

Well that's interesting I have been looking for a fee free way to do the bank transfer to revolut. I haven't been using TW so far so that's a reason to sign up :msngrin:

I am a quite eager Revolut user though and am about to cancel my regular swiss credit cards.

JoeUK 21.11.2018 21:35

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by blackbird (Post 3002052)
i am with bank cler online banking, the fee is only 2 sfr a month.

That's a different offering to this one? https://www.cler.ch/de/landing-pages/zak/#

venetian 26.11.2018 01:37

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Wisconsinite (Post 3008814)
Are you sure? The way I read it was that 3a only counts if it is investment type (not just cash).

This is what they say... https://www.postfinance.ch/en/detail...customers.html

What is classified as investment assets?

- Fund investments (including retirement funds in the retirement savings account 3a and the vested benefits account)
- and custody account assets in e-trading.

How are investment assets calculated?

Investment assets are recalculated monthly. The amount at the end of the month – made up of the total of investment funds (PostFinance funds, funds of third-party providers), retirement funds (pillar 3a and vested benefits) and e-trading (custody account assets without cash) – is taken into account.

wheatism 26.11.2018 09:42

Re: Postfinance done with free accounts
 
Dumb question: Is this a "per account" fee or a "per client" fee?


I'm assuming per account meaning I'll close my savings account and all others (e.g I have a separate one for business expenses) to just leave a single "main" one for salary etc and move everything else to Revolut or Transferwise Borderless

hof86 26.11.2018 10:19

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by wheatism (Post 3017076)
Dumb question: Is this a "per account" fee or a "per client" fee?

I'm assuming per account meaning I'll close my savings account and all others (e.g I have a separate one for business expenses) to just leave a single "main" one for salary etc and move everything else to Revolut or Transferwise Borderless

The assets are assessed per client but the fees are charged per account, at least that's my understanding with interacting with PF customer service.

So if you have more than CHF 25'000 in investment assets (see here) then all your accounts are for free. If not, it's CHF 5 per account.

Note: If an account has multiple account holders (shared account), it is considered as a different customer relationship. Thus, you would need to have the CHF 25k in investments (or other exemptions) under this customer relationship to avoid the charges.

Example:
- Customer A has CHF 50k in investment funds.
- Customer B has also CHF 50k in investment funds.

Both A and B are exempted of the fees.

If A and B open a shared account to pay for the day to day things, and they don't have any other assets in common, they'll be charged the CHF 5 per month, regardless that they individually qualify for the fees exemption.

I hope this helps, I suffered it myself...

Phil_MCR 03.12.2018 23:42

Re: Postfinance done with free accounts
 
I was caught out by this. I transferred pretty much all funds out of PF so didn't meet the 25k threshold.

Also, I forgot that I had the Plus account instead of standard, so it cost me 25CHF per month instead of 5CHF.

shadowguy 27.01.2019 05:54

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivkinzh (Post 3008904)
Anyone else who is a US person and has had success with a bank other than PF?

I am a Italy/US dual national but spouse is US only. When we opened PF account, my understanding was there were not a lot of other banks that handled US nationals smoothly (or at all)...

We have been happy PF customers, probably will stay but we got the fee letter today too so rethinking alternatives...

A US colleague of mine who arrived in CH recently was able to open an account with Credit Suisse. Said it took him 3 visits to get it all sorted, but that's typical.

Clocker 27.01.2019 06:59

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Phil_MCR (Post 3019646)
Also, I forgot that I had the Plus account instead of standard, so it cost me 25CHF per month instead of 5CHF.

This happened to us as well when we sold our house and moved funds. We didn't realise that the Plus account kept running even after we no longer had a mortgage with them. We assumed they would downgrade us. Not so. To be fair they did refund the 25 francs and then the account remained free until the end of 2018.


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