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Old 23.10.2008, 01:58
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UBS Closed My Account

I live in the U.S. and I own a small vacation condo in the Canton of Vaud. I had an account with UBS to pay the utility bills (telephone, electricity, water, etc.), taxes, insurance, etc. For a fee, UBS paid all the bills from the funds in my account--the bills were sent directly to the bank. As you know, UBS closed all Swiss bank accounts owned by U.S. citizens not residing in Switzerland. Does anybody have any suggestions how I can get my bills paid??!! Credit Suisse and BCV (Banque Cantonale Vaudoise) do not offer a bill paying service (unless, of course, you maintain a huge balance, which I am not in a position to do). All suggestions are welcome!
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Old 23.10.2008, 08:45
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Re: UBS Closed My Account

I am not sure about the costs, but you could probably contact one of the real estate management companies here in Switzerland and see what they can do/suggest. I doubt they would charge for a consult over the phone and maybe they could point you in the right direction. One that I have seen is www.livit.ch. Good luck! Hopefully there are others that can give you more helpful advice.
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Old 23.10.2008, 09:37
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Re: UBS Closed My Account

Why don't you simply pay the bills from your US account?
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Old 23.10.2008, 09:40
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Re: UBS Closed My Account

It is really too bad that the US gov't has scared the Swiss banks so much that they do not want to do business with American clients any more.

Since you say that it is a "condo", I would suggest you talk directly to the company that manages the building. There would be someone responsible for the maintenance of the building and possibly renting some of the units for other owners.

They would normally be set up to handle the payments for absentee owners (on this building or on others they manage). You would then have your bills sent to the management company for payment. My guess is that there would be a small annual fee but at least it would handle the situation. You could then do one or two money transfers per year to them (or give them cash when you visit Switzerland).

An email or two explaining your situation and what you need should straighten things out.
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Old 23.10.2008, 21:01
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Re: UBS Closed My Account

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I live in the U.S. and I own a small vacation condo in the Canton of Vaud. I had an account with UBS to pay the utility bills (telephone, electricity, water, etc.), taxes, insurance, etc. For a fee, UBS paid all the bills from the funds in my account--the bills were sent directly to the bank. As you know, UBS closed all Swiss bank accounts owned by U.S. citizens not residing in Switzerland. Does anybody have any suggestions how I can get my bills paid??!! Credit Suisse and BCV (Banque Cantonale Vaudoise) do not offer a bill paying service (unless, of course, you maintain a huge balance, which I am not in a position to do). All suggestions are welcome!
I'd ask a local Raiffeisen bank. 99% of their business is "very retail" - such as paying bills and such. Migros and Coopbank would probably do it as well.

Paul
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Old 23.10.2008, 22:41
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Re: UBS Closed My Account

Swiss PostFinance has a direct debit facility, i.e. you can permit the utilities and other service providers to automatically deduct your current account. You can challenge and reverse such debits within 30 days. The account itself can be monitored via e-Banking.

Other Swiss banks may have similar facilities.
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