English Forum Switzerland

English Forum Switzerland (https://www.englishforum.ch/forum.php)
-   Finance/banking/taxation (https://www.englishforum.ch/finance-banking-taxation/)
-   -   Postfinance done with free accounts (https://www.englishforum.ch/finance-banking-taxation/287231-postfinance-done-free-accounts.html)

Urs Max 08.06.2018 11:57

Postfinance to be more expensive
 
According to today's news, Postfinance is restructuring. On the one hand this will cost some 500 jobs, on the other hand the pricing structure will be changed to generate more revenue. Custumers will have to pay more.

When asked in an interview whether the increase should be expected to be around 20CHF per year, on average, CEO Köng replied with "Von der Dimension her ist es nicht ganz falsch", according to another quote on a similar question he said "Das wird sicherlich in dieser Dimension sein". So it is incorrect but not utterly so. Which probably means one should expect a somewhat higher increase.

Details are yet to be published. Stay tuned.

Here's the interview, and an article on the topic. Both by the Tagesanzeiger and in German.

Troublawesome 08.06.2018 14:49

Re: Postfinance to be more expensive
 
More reason to shut down your accounts there, very poor service and products. Much simpler and cheaper elsewhere.

vostok4 08.06.2018 16:17

Re: Postfinance to be more expensive
 
Quote:

Originally Posted by Troublawesome (Post 2954812)
More reason to shut down your accounts there, very poor service and products. Much simpler and cheaper elsewhere.

Can you suggest some? I've been happy with PostFinance, 5 years ago there always seemed to be fees for every other "big bank".

Troublawesome 09.06.2018 09:45

Re: Postfinance to be more expensive
 
Migros Bank

YuropFlyer 09.06.2018 09:49

Re: Postfinance to be more expensive
 
Migrosbank ain't great either (they cancelled English as an available language a few years ago, as an example) and they charge plenty of fees too. But compared with others, yeah, they're one of the better choices.

robBob 09.06.2018 12:58

Re: Postfinance to be more expensive
 
Quote:

Originally Posted by vostok4 (Post 2954864)
Can you suggest some? I've been happy with PostFinance, 5 years ago there always seemed to be fees for every other "big bank".

Can try here, but have to live in canton ZH or AG:

https://sparkasse-dielsdorf.ch/de/Pr...bersicht-Konti

Chuff 11.06.2018 10:01

Re: Postfinance to be more expensive
 
Hmm, the latest news has me a little worried. Seems that their inability to loan or mortgage is causing them to struggle to be profitable http://www.20min.ch/finance/news/sto...ance--18854524

Anyone know up to how much account balances are guaranteed for if they go under? Is it still 30k per person? https://www.englishforum.ch/finance-...-accounts.html

I guess I need to start looking at alternative (and more expensive) banks that have an English option that are too big to really go under, like CS or UBS. :(

EDIT - Or maybe I am worrying too much. I will do some research and see if I can avoid changing unless necessary...

Meadow 11.06.2018 16:33

Re: Postfinance to be more expensive
 
Quote:

Originally Posted by Troublawesome (Post 2954812)
More reason to shut down your accounts there, very poor service and products. Much simpler and cheaper elsewhere.

I hate such generalizations. I had an account at UBS, and then I used Moneyland to compare, which banking package would be the cheapest for me. And for my small needs there was nothing as cheap as PostFinance. I have closed my UBS account, too. I have had exposure to both online banking platforms and I don't think that the one of PF is any worse.

Currently I have a CHF and EUR account at PF and I pay nothing. If I need cash, there are PF ATMs everywhere. Cumulus Credit Card at Cembra. So I have no idea what you're talking about.

In the long run, if they really rack up prices, then let's keep fingers crossed for Revolut to get the european banking license and Swiss IBANs. ;)

Andreag 11.06.2018 18:33

Re: Postfinance to be more expensive
 
Same. Good customer service and never failed me for my simple account management.

Urs Max 05.09.2018 15:52

Re: Postfinance to be more expensive
 
The federal government has given green light for Postfinance to turn into a fullfledged bank and provide credit themselves. So maybe those price increases are no longer to be expected.

Yet, before the turn of the millenium Swisscom and Post were part of the same company, with the telecom part subsidising the postal services. When this was no longer accepted the two got split. Now they're doing essentially the same again, building an additional arm that subsidises the postal services.

This just makes no sense.

IceCold 07.09.2018 21:32

Re: Postfinance to be more expensive
 
I checked moneyland few years ago and PostFinance was the cheapest. Now they are realy expensive. I don't know what has happend... They are taking 144chf for account managing which is a lot. Is this the new change? I'll change my bank.

Enohzee 07.09.2018 21:40

Re: Postfinance to be more expensive
 
Quote:

Originally Posted by IceCold (Post 2989630)
I checked moneyland few years ago and PostFinance was the cheapest. Now they are realy expensive. I don't know what has happend... They are taking 144chf for account managing which is a lot. Is this the new change? I'll change my bank.

Really? accounts still seem to be 5chf a month and free if you have >7500chf ?

IceCold 07.09.2018 21:46

Re: Postfinance to be more expensive
 
More like 25k!

Quote:

For customers with total assets at the bank up to CHF 25,000, the account management costs CHF 144.00 per year. With total assets at the bank above CHF 25,000, the account management is free of charge
I don't keep this amount of cash on my account since I invest it stocks.

Riana22 07.09.2018 22:11

Re: Postfinance to be more expensive
 
Quote:

Originally Posted by IceCold (Post 2989632)
More like 25k!


I don't keep this amount of cash on my account since I invest it stocks.


What you write here is for "Private Account Plus". There's also the other option above mentioned.


https://www.postfinance.ch/en/privat...count-chf.html

Urs Max 09.09.2018 11:55

Re: Postfinance to be more expensive
 
Quote:

Originally Posted by IceCold (Post 2989632)
More like 25k!

I don't keep this amount of cash on my account since I invest it stocks.

You should read your quotes, cash is just a portion of your assets.

ivank 13.10.2018 10:33

Postfinance done with free accounts
 
Now that postfinance showed the middle finger to small time savers I'm considering to return them the favor

Which bank are you switching to next year? Any good ones with euro accounts?

blackbird 13.10.2018 10:45

Re: Postfinance done with free accounts
 
i am with bank cler online banking, the fee is only 2 sfr a month.

robBob 13.10.2018 10:59

Re: Postfinance done with free accounts
 
I'm with

https://sparkasse-dielsdorf.ch/de/

higgsboson 13.10.2018 11:10

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivank (Post 3002048)
Now that postfinance showed the middle finger to small time savers I'm considering to return them the favor

Which bank are you switching to next year? Any good ones with euro accounts?

It's quite disappointing, but at least their joint account is still better than the competitors with that price, and e-banking is slightly easier to use.

Enohzee 13.10.2018 17:07

Re: Postfinance done with free accounts
 
Anyone know if it's possible to cancel an account for free due to the new charges?

I recently opened an account with PF in order to change from UBS (as they charge a monthly fee) - turned out to be a disaster!

higgsboson 13.10.2018 17:14

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Enohzee (Post 3002128)
Anyone know if it's possible to cancel an account for free due to the new charges?

I recently opened an account with PF in order to change from UBS (as they charge a monthly fee) - turned out to be a disaster!

What should they charge you for in the first place? I once changed from UBS to PF and don't remember paying any cancellation charges or things like that.

Istcantabria 13.10.2018 17:27

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by higgsboson (Post 3002061)
It's quite disappointing, but at least their joint account is still better than the competitors with that price, and e-banking is slightly easier to use.

It seems that if you have more than 25.000 CHF invested in funds (including retirement funds if 3rd pillar) it will continue being free...

Enohzee 13.10.2018 17:29

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by higgsboson (Post 3002129)
What should they charge you for in the first place? I once changed from UBS to PF and don't remember paying any cancellation charges or things like that?

OK cool... in that case, I'll cancel my new PF account and stay with UBS

Thanks!

Enohzee 13.10.2018 17:29

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Istcantabria (Post 3002132)
It seems that if you have more than 25.000 CHF invested in funds (including retirement funds if 3rd pillar) it will continue being free...

I believe they charge the 'usual' crazy 1.7% p/a fees for their funds so they'll easily make more than a measly 5CHF a month :P

ivank 13.10.2018 17:38

Re: Postfinance done with free accounts
 
Any good/bad experiences with Crédit Agricole next bank and Migros who seem to still have free accounts?

Quote:

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

But that's not free

Quote:

Originally Posted by robBob (Post 3002057)

30 Fr for Maestro card. And if I want a second one for euro account, it's same price as postfinance

Quote:

Originally Posted by Istcantabria (Post 3002132)
It seems that if you have more than 25.000 CHF invested in funds

Sucky funds that'll cost you more than 60 CHF per year one way or another

omtatsat 13.10.2018 18:04

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivank (Post 3002048)
Now that postfinance showed the middle finger to small time savers I'm considering to return them the favor

Which bank are you switching to next year? Any good ones with euro accounts?

I use this bank

www.underthepillow.ch

jacek 13.10.2018 18:44

Re: Postfinance done with free accounts
 
I also got the letter yesterday informing about the above.

Is that a negative inflation rate (deflation) or simply not enough in the institutional coffers to pay bank employees their fat salaries?

Soon we should ask our employers to pay us only in cash.

Chuff 13.10.2018 18:45

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivank (Post 3002048)
Now that postfinance showed the middle finger to small time savers I'm considering to return them the favor

Which bank are you switching to next year? Any good ones with euro accounts?

Tell me a 'bank' that is cheaper than PF even with their new charges?

omtatsat 13.10.2018 18:47

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by jacek (Post 3002165)
I also got the letter yesterday informing about the above.

Is that a negative inflation rate (deflation) or simply not enough in the institutional coffers to pay bank employees their fat salaries?

Soon we should ask our employers to pay us only in cash.

They have to pay alot back because of their fraud with postauto a few months back. So they are now getting back at the customers. You should close your account

higgsboson 13.10.2018 18:57

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Enohzee (Post 3002133)
OK cool... in that case, I'll cancel my new PF account and stay with UBS

Thanks!

Check with them. There most probably is a notice date. I may have been lucky or just charged without realising. Anyway it took a few months from opening the new account to closing the old one.

jacek 13.10.2018 19:01

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Chuff (Post 3002166)
Tell me a 'bank' that is cheaper than PF even with their new charges?

There is no such a straightforward answer to this question. One needs to evaluate one’s personal circumstances in terms of e.g. age, what package is for one suitable and how frequently one uses CC, savings account, 3a Pillar account and so on and so forth. Horses for courses. What could be worthwhile though is to check one’s own calculations based on one’s savings by using a tool:

https://www.moneyland.ch/en/bankingPackage/list

ivank 13.10.2018 19:11

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Chuff (Post 3002166)
Tell me a 'bank' that is cheaper than PF even with their new charges?

Migros?

jacek 13.10.2018 19:15

Re: Postfinance done with free accounts
 
More important question is if they are also willing to adjust an interest rate on savings account which already seats at 0.0% in order to ease the pain. Even mediocre positive bugger all move would do :(

higgsboson 13.10.2018 19:18

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Chuff (Post 3002166)
Tell me a 'bank' that is cheaper than PF even with their new charges?

ZKB says 12 CHF per year. Is there a catch? :/

ivank 13.10.2018 19:20

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by higgsboson (Post 3002182)
ZKB says 12 CHF per year. Is there a catch? :/

They want an extra 40 CHF for the debit card

omtatsat 14.10.2018 07:42

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivank (Post 3002183)
They want an extra 40 CHF for the debit card

I pay 8CHF a month for ZKB inclusive silver

robBob 14.10.2018 09:05

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by omtatsat (Post 3002265)
I pay 8CHF a month for ZKB inclusive silver


What!

Thought you do night withdrawals at bed time?

robBob 14.10.2018 09:51

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by Enohzee (Post 3002134)
I believe they charge the 'usual' crazy 1.7% p/a fees for their funds so they'll easily make more than a measly 5CHF a month :P


What 1.7 % fee?

All funds have a management fee, most even higher!

robBob 14.10.2018 10:17

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivank (Post 3002178)
Migros?

Not so good as one might believe.

https://www.moneyland.ch/en/privateAccount/list

Sure one gets a free Maestro card.

But its only free to use at a Migros ATM.

Chuff 14.10.2018 10:35

Re: Postfinance done with free accounts
 
Quote:

Originally Posted by ivank (Post 3002178)
Migros?

Eek, really?

1) No English language services.
2) Online banking is nowhere near (not even in the same ball park) as mature or user friendly as PF.

You really think a 60chf yearly charge is worth making your life more difficult out of some misguided principle that they shouldn't charge anything despite it being standard in the Swiss banking industry? It's like shooting yourself in the foot for the sake of something that in the end is, realistically, financially immaterial.


All times are GMT +2. The time now is 17:58.

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0