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Old 10.03.2021, 23:45
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ZAK internet only account

Hi, I spared a moment and created a ZAK account, that is I went through the clicks in the APP. However now I'm a bit surprised as it appears that it's all what I can get. I mean, it's supposed to be a bank account after all so I expected to be at least mailed an official account opening agreement, terms and conditions etc.

Looking further, there's a CTX account at Credit Suisse which is much the same but they actually say that you'll receive the proper signing papers.

Just in general, what are these 'virtual' accounts for? I'm really afraid to put there more than a couple hundreds franks if I don't even have a solid binding prof that I have an account there! Is it just me or what?!
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Old 11.03.2021, 05:34
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Re: ZAK internet only account

What is the actual question - Bank Cler is a reputable bank, owned by the Basler Kantonal Bank, so there's no significant risk.

They've massively simplified the account opening process, and done away with paper and other stuff, no different to Revolut for example.

As to what it offer, T&C etc, it's all on their website and probably in the app itself. You almost certainly got asked to confirm acceptance of the T&C, and like almost everyone didn't read it.

Of course you have proof - just take some screen shots of your account from the phone if you really have doubts.
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Old 11.03.2021, 08:41
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Re: ZAK internet only account

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Of course you have proof - just take some screen shots of your account from the phone if you really have doubts.
You really call it a proof I can produce any screenshot for you if you like

and yeah, I feel about it exactly as you have said, it's like Revolut and similar, just too risky for money involving more than a few hundred.

PS. phone screen was too small to read those pdfs, not to mention that I only haft understood what I was clicking as I don't speak German - the language choice came as the very last step of the setup
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Old 11.03.2021, 10:24
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Re: ZAK internet only account

welcome to the world of digitalisation.

I opened a CSX account at CS because I won't use the card and therefore banking is free. I got no paperwork sent to me to confirm it because I agree to the T&Cs during the onboarding process. ID verification was via video using the Swisscom service, a nice young lady looking a bit silly with her mask hanging off one ear

You can front this account with Twint which works well in Switzerland and will be extended to work beyond the borders of this country quite soon, I'd say.
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Old 11.03.2021, 12:17
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Re: ZAK internet only account

I'm probably aging but there's some discomfort with this approach. In general I don't need the brick-and-mortar bank, I do all banking digitally anyway, that's my preference. However when the service is like click-here, click-there and you have access to something I'm on my guard that the access can as well vanish in an instant, and what can you do then? It's true that this is a reputable bank but say computer errors do happen.

There's something I'm missing abut living in the digital age.

So yes, the question is how can I prove that I really have the account? The signing in process seems to offer due-diligence only one way, for the bank. Such approach is somewhat fine for free social network accounts where you get the service for free but the service can close your account at any time, i.e. there's no guarantee and basically you have nothing to loose, etc.
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Old 11.03.2021, 12:52
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Re: ZAK internet only account

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I'm probably aging but there's some discomfort with this approach. In general I don't need the brick-and-mortar bank, I do all banking digitally anyway, that's my preference. However when the service is like click-here, click-there and you have access to something I'm on my guard that the access can as well vanish in an instant, and what can you do then? It's true that this is a reputable bank but say computer errors do happen.

There's something I'm missing abut living in the digital age.

So yes, the question is how can I prove that I really have the account? The signing in process seems to offer due-diligence only one way, for the bank. Such approach is somewhat fine for free social network accounts where you get the service for free but the service can close your account at any time, i.e. there's no guarantee and basically you have nothing to loose, etc.
Can you print a pdf statement or something?
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Old 11.03.2021, 18:09
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Re: ZAK internet only account

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Can you print a pdf statement or something?
You can certainly download pdf statement with Neon - one of their competitiors. Why it makes any difference whether the pdf is electronic or subsequently printed I don't know.

To be honest - if there is a real bank behind it (which there is), I don't really know why you'd be worried. Its not like they are going to run away with your cash.
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Old 11.03.2021, 19:20
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Re: ZAK internet only account

I used Zak to receive salary and bought a vehicle using it, no issues. For a big transfer you have to call them to prove it is you.


Yes it may seem unorthodox but they together with neon are not the first ones, not far, N26 is and a few British services like Revolut and Monzo are, so by 2021 one should be accustomed to new normal in money services.
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Old 11.03.2021, 20:34
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Re: ZAK internet only account

Good point, if you can download (and you should be able) any pdf statement from the account, properly digitally signed then that's a real proof (certainly better than a screenshot )
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Old 11.03.2021, 21:35
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Re: ZAK internet only account

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You really call it a proof I can produce any screenshot for you if you like

and yeah, I feel about it exactly as you have said, it's like Revolut and similar, just too risky for money involving more than a few hundred.

PS. phone screen was too small to read those pdfs, not to mention that I only haft understood what I was clicking as I don't speak German - the language choice came as the very last step of the setup
If you think putting your money in a division of a large Swiss cantonal bank is risky, I don't know what to suggest. Probably best to withdraw it all in cash, live in your nuclear bunker and personally watch it 24/7.

As for proof, a screenshot is hardly less secure than a PDF downloaded from a website, or one delivered through the post.

You still haven't said what the problem is - do you think they're just going to lose the money, or actively defraud you of it?
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Old 12.03.2021, 00:08
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Re: ZAK internet only account

Wow not that far, just a simple computer error is enough to make your life harder

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You still haven't said what the problem is - do you think they're just going to lose the money, or actively defraud you of it?
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Old 12.03.2021, 05:29
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Re: ZAK internet only account

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Wow not that far, just a simple computer error is enough to make your life harder
True, but do you think they actually store the books for "non-electronic" accounts on paper?

I still don't get why you think ZAK is any different from any other bank account.
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Old 12.03.2021, 10:09
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Re: ZAK internet only account

It's not that it's any different, that's why I got interested in it in the first place, as I said I do all my banking online as I hate talking to people in person.

The only thing which is different is that on the first look there are no grounds for it, it's totally virtual thing, a web site which can get offline one day and you're out of luck to chase your money.

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True, but do you think they actually store the books for "non-electronic" accounts on paper?

I still don't get why you think ZAK is any different from any other bank account.
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Old 12.03.2021, 10:24
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Re: ZAK internet only account

Yes, it support my suspicion that this type of account is meant to be used only for pocket money. They simply don't expect you to have larger sums there.

I don't know how far people are going with Revolut, N26, Neon... but I always though that's only a convenience app for pocket money monthly spending

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I used Zak to receive salary and bought a vehicle using it, no issues. For a big transfer you have to call them to prove it is you.


Yes it may seem unorthodox but they together with neon are not the first ones, not far, N26 is and a few British services like Revolut and Monzo are, so by 2021 one should be accustomed to new normal in money services.
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