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-   -   bank charges (https://www.englishforum.ch/finance-banking-taxation/55314-bank-charges.html)

juliam 08.07.2009 10:38

bank charges
 
hi, i've been looking around but can't seem to find a topic on this! We've been here 8 months now, loving it, despite watching all the pennies (or cents). Anyway, at the end of June we got charged 50CHF for "frais retrait bancomat" which i see is cash withdrawels, and 18CHF for "frais de tenue de compte" which is cost of having an acoount i think. We had no warning that these were coming out of account, the bank (cantonal) just took it out. This is on top of the 80CHF a year for having a maestro card each. I still don't understand this, is this normal? We haven't used the card abroad, but it seems like a lot of money to be charged, especially the cash withdrawel. Has anyone else had this? Thanks in advance! xx

Guest 08.07.2009 10:41

Re: bank charges
 
Probably doesn't really help with your current problem but usually if you have over CHF 10K in your account a lot of the charges, such as account-keeping charges, disappear.

CH_Me 08.07.2009 10:45

Re: bank charges
 
Maestro cards always have a CHF 40 fee per card per year. They list the fee clearly on the application form. You can use your normal bank card at your bank and get rid of the Maestro card before next renewal if you don't want to pay for it.

aki 08.07.2009 10:46

Re: bank charges
 
Quote:

Originally Posted by juliam (Post 490878)
hi, i've been looking around but can't seem to find a topic on this! We've been here 8 months now, loving it, despite watching all the pennies (or cents). Anyway, at the end of June we got charged 50CHF for "frais retrait bancomat" which i see is cash withdrawels, and 18CHF for "frais de tenue de compte" which is cost of having an acoount i think. We had no warning that these were coming out of account, the bank (cantonal) just took it out. This is on top of the 80CHF a year for having a maestro card each. I still don't understand this, is this normal? We haven't used the card abroad, but it seems like a lot of money to be charged, especially the cash withdrawel. Has anyone else had this? Thanks in advance! xx

Openning a back account is signing a contract with a back. In that contract, all is explained. A lot of people do NOT read for what they sign for. If you complain to your back for the current charges, they will refer you to your contract.

Aunt B 08.07.2009 10:47

Re: bank charges
 
Quote:

Originally Posted by juliam (Post 490878)
hi, i've been looking around but can't seem to find a topic on this! We've been here 8 months now, loving it, despite watching all the pennies (or cents). Anyway, at the end of June we got charged 50CHF for "frais retrait bancomat" which i see is cash withdrawels, and 18CHF for "frais de tenue de compte" which is cost of having an acoount i think. We had no warning that these were coming out of account, the bank (cantonal) just took it out. This is on top of the 80CHF a year for having a maestro card each. I still don't understand this, is this normal? We haven't used the card abroad, but it seems like a lot of money to be charged, especially the cash withdrawel. Has anyone else had this? Thanks in advance! xx


You may want to go back and read the bank agreement that you signed. The bank cannot charge you for anything you haven't agreed to. In many cases you may be charged for using an ATM that is not the bank's ATM. As a banker, I can tell you that many people do not take the time to read the entire agreement. There may also be a case where you can go to the bank and change your account for one that is more favorable to your lifestyle, and may not incur as many charges, although it may entail you paying a higher monthly fee for more flexibility.
Good luck, I hope it all works out for you! :)

juliam 08.07.2009 11:01

Re: bank charges
 
10K?! I wish! Sorry if I sounded dim, didn't mean to be, but the contract is of course in French, and some of the tecnical words are a little difficult to understand, especially when I first got here and spoke very little french! (Not many people speak english in my town, it's not like the big cities!) I guess it's normal then, so will just grin and bear it, would rather pay and live here then not pay and live in england! Actually, i got a letter through from them which I think means there's no account charge for iternet banking alone, so I think I'll do that. Thanks for all the swift responses.

juliam 08.07.2009 11:04

Re: bank charges
 
Quote:

Originally Posted by aki (Post 490887)
Openning a back account is signing a contract with a back. In that contract, all is explained. A lot of people do NOT read for what they sign for. If you complain to your back for the current charges, they will refer you to your contract.

If you're fluent in Fench then maybe I could send it to you and you can translate it for me?!

herc82 08.07.2009 11:04

Re: bank charges
 
One way to reduce charges: If you use your card, go to an ATM of your own bank. Significantly less fees. Also, usually it's worth to get the money beforehand and not pay with the card in the store...

Guest 08.07.2009 11:07

Re: bank charges
 
Quote:

Originally Posted by juliam (Post 490901)
10K?! I wish! Sorry if I sounded dim, didn't mean to be, but the contract is of course in French, and some of the tecnical words are a little difficult to understand, especially when I first got here and spoke very little french! (Not many people speak english in my town, it's not like the big cities!) I guess it's normal then, so will just grin and bear it, would rather pay and live here then not pay and live in england! Actually, i got a letter through from them which I think means there's no account charge for iternet banking alone, so I think I'll do that. Thanks for all the swift responses.

If you bank with one of the biggies (UBS or Credit Suisse) you should be able to get all your banking info in English.

aki 08.07.2009 11:07

Re: bank charges
 
Quote:

Originally Posted by juliam (Post 490907)
If you're fluent in Fench then maybe I could send it to you and you can translate it for me?!

No thanks...no time for that...
You admit that you have signed / agreed for something which you did not understand?

magyir 08.07.2009 11:21

Re: bank charges
 
Bank charges dependencies:

1. Your status/age eg student, under 30, over 60 etc
2. Your average balance
3. Mortgage
4. Employer collective agreement
5. Type of account: online only, both, offline/paperbased only

A cheap alternative is Postfinance Online Package which you can sign up for online and get all correspondance in english. A single card costs 12Fr a year and all online transactions are free with only a tax summary posted once per year apart from exceptional items (cards etc).

One card works as a maestro equivalent in CH, cash card and secureID for online.
go to http://www.postfinance.ch/pf/content...me_produkte_en

Optionally if you have 7500 in savings/funds/retirement it's all free.

But even without 7500Fr the online-set is summarised here:
http://www.postfinance.ch/pf/content...ine/offer.html

http://www.postfinance.ch/medialib/p...priv_br_en.pdf

The charges are 3Fr a month all in with the card included for free instead of 12 Fr a year valid for four years.

You can also link other online accounts in Euro/CHF for savings/retirement.

Otherwise ask your bank to communicate with you in english if possible and make an appointment to discuss reducing charges.

juliam 08.07.2009 11:28

Re: bank charges
 
Wow, wasn't expecting such a response, thanks! As I said, I asked at all 3 banks in our town when we arrived, but no-one speaks English, so we wanted to support local rather than national. It's not a problem, I have been using my cash card at a different bank, so it's probably that! I think I'll go in and ask to change to online banking only, and only use their cash withdrawel machine. Hopefully in December the fees will be a bit less, and I maight try and convice my hubby that we can cope with one maestro between us! Not a problem, thanks for all the advice. xx :msnnerd:

almond 09.07.2009 00:40

Re: bank charges
 
Quote:

Probably doesn't really help with your current problem but usually if you have over CHF 10K in your account a lot of the charges, such as account-keeping charges, disappear.
That doesn't really help anyone, because it means the bank is making so much $$$ investing the 10K that it can afford to cover the maintenance expenses and then some. You're better off buying a CD for that amount and keep a near-zero balance on your account. Also don't get a checking account but get a "private" account instead (many financial institutions have this distinction). You can often trade and pay bills out of a savings account too.


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