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Old 03.12.2018, 19:36
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Why is Postfinance not a bank?

Hi everybody,

Those of you that had to deal with Postfinance are probably well aware that their accounts are always a bit special. Some shops accept all cards except Postfinance, some services can be paid with LSV but that does not work with Postfinance and they don't support Debit Direct, and so on...

My question is: why is that? What is so special about Postfinance? Why isn't it a regular bank despite offering money accounts? What is the logic behind not supporting LSV, for example?

I know my questions above sound a little like a rant but I am genuinely curious about the technicalities of this difference - if there is any, and if any of you is aware of them. Thanks in advance
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Old 03.12.2018, 20:06
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Re: Why is Postfinance not a bank?

Because it’s a post office, so you have a post office account not a bank account.
Also, are their building societies here?
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Old 03.12.2018, 20:10
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Re: Why is Postfinance not a bank?

It is now a Bank, it became one in the last few years.

Very few building societies in the UK as being a Bank allows them to raise money & make loans other than mortgages, rather than just lend the money of savers.
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Old 03.12.2018, 20:15
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Re: Why is Postfinance not a bank?

It is, or actually was, until 2013 simply a post office with additional perks. Here in German: https://www.nzz.ch/wirtschaft/wieso-...lte-ld.1417539


But I do not understand what you say about LSV. This works perfectly:
https://www.postfinance.ch/en/privat...it-direct.html
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Old 03.12.2018, 21:53
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Re: Why is Postfinance not a bank?

I agree that Postfinance is a Post Office with money service, and not a full bank in the historical sense. What I don't understand is why are they special. E.g., it is not uncommon to go to restaurants and see some sign saying "No Postfinance", but I never saw any sign saying "No Credit Suisse" or "No UBS cards". I would expect that if you have clients and give them cards they must as good as those of our competitors... Do any of you know what is the difference?

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But I do not understand what you say about LSV. This works perfectly:
https://www.postfinance.ch/en/privat...it-direct.html
In my experience it doesn't work. Service providers give you different forms for DD = Postfinance or LSV = banks, and DD is not LSV. For DD you send back the form to the service provider, for LSV you send it to the bank. Some service providers only support LSV and not DD, and if you try to fill the LSV form with Postfinance IBAN they will reply "we can't do this with a post account, use a bank".
That was part of my question: how is actually DD different from LSV?
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Old 03.12.2018, 22:30
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Re: Why is Postfinance not a bank?

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I agree that Postfinance is a Post Office with money service, and not a full bank in the historical sense. What I don't understand is why are they special. E.g., it is not uncommon to go to restaurants and see some sign saying "No Postfinance", but I never saw any sign saying "No Credit Suisse" or "No UBS cards". I would expect that if you have clients and give them cards they must as good as those of our competitors... Do any of you know what is the difference?
You can pay anywhere with a Post Credit card, but the Post debit card doesn't go through the normal merchant retailer account channels, the retailer (or restaurant etc) has to open a business Post account to accept those payments. And for some businesses, it's just one more more layer of admin that they are happy to do without. (I speak/write as a business retailer)
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Old 04.12.2018, 00:20
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Re: Why is Postfinance not a bank?

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You can pay anywhere with a Post Credit card, but the Post debit card doesn't go through the normal merchant retailer account channels, the retailer (or restaurant etc) has to open a business Post account to accept those payments. And for some businesses, it's just one more more layer of admin that they are happy to do without. (I speak/write as a business retailer)
And I seem to remember your employee mentioning, you don't accept postcards at your stall in Viadukt?

I left postfinance long ago. It is a bank now. But I agree, a somewhat weird one.
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