Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation
Reply
 
Thread Tools Display Modes
  #1  
Old 03.10.2009, 19:02
Member
 
Join Date: Dec 2007
Location: Vaud
Posts: 173
Groaned at 1 Time in 1 Post
Thanked 99 Times in 56 Posts
MrMert is considered knowledgeableMrMert is considered knowledgeableMrMert is considered knowledgeable
US citizens have difficulty opening accounts with Post Finance?

Post Finance has a 3a pension special running with 2.5% and they give you 100francs if you transfer your account.

I went to move my account last week. All was great and went fine.
Today I received an email saying that the Post Finance has decided to no longer accept any more accounts with American Citizens and this includes accounts for pensions.


This is going to make it difficult for Americans living in Switzerland. I report all my accounts. It makes it seem Americans are no longer wanted in Swiss Banking.
Reply With Quote
The following 2 users would like to thank MrMert for this useful post:
  #2  
Old 03.10.2009, 19:23
Tilia's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: ZH
Posts: 2,602
Groaned at 74 Times in 40 Posts
Thanked 2,348 Times in 1,073 Posts
Tilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

Yes, it would seem so.


Quote:
View Post
It makes it seem Americans are no longer wanted in Swiss Banking.
Reply With Quote
  #3  
Old 03.10.2009, 19:24
Jaro's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Rafz (ZH)
Posts: 1,319
Groaned at 94 Times in 72 Posts
Thanked 624 Times in 343 Posts
Jaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

Quote:
View Post
Post Finance has a 3a pension special running with 2.5% and they give you 100francs if you transfer your account.

I went to move my account last week. All was great and went fine.
Today I received an email saying that the Post Finance has decided to no longer accept any more accounts with American Citizens and this includes accounts for pensions.


This is going to make it difficult for Americans living in Switzerland. I report all my accounts. It makes it seem Americans are no longer wanted in Swiss Banking.
wow...sorry to hear that..I'm glad I have a dual citizenship I guess and did not use my US passport to open accounts...permit is also based on the non-US citizenship so I guess that's OK.
Reply With Quote
  #4  
Old 03.10.2009, 19:33
Forum Veteran
 
Join Date: Nov 2007
Location: Vaud
Posts: 752
Groaned at 47 Times in 27 Posts
Thanked 267 Times in 157 Posts
markalex has made some interesting contributions
Re: US citizens have difficulty opening accounts with Post Finance?

I suspect it has something to do with the US chasing Switzerland for Americans using Swiss Banks to evade tax or so the US claim. You recall UBS is currently in hot water on this.
Reply With Quote
  #5  
Old 03.10.2009, 19:35
Forum Veteran
 
Join Date: Nov 2007
Location: Vaud
Posts: 752
Groaned at 47 Times in 27 Posts
Thanked 267 Times in 157 Posts
markalex has made some interesting contributions
Re: US citizens have difficulty opening accounts with Post Finance?

Sorry 3a, you mean 3rd pillar pension as in the account you can pay 6K in a year roughly?
Reply With Quote
  #6  
Old 03.10.2009, 19:36
JVC
Guest
 
Posts: n/a
Re: US citizens have difficulty opening accounts with Post Finance?

There was a recent post here from a Swiss citizen who said that the Swiss banks aren't keen on having him as a client because he's residing in the US.
Reply With Quote
  #7  
Old 03.10.2009, 19:37
Member
 
Join Date: Dec 2007
Location: Vaud
Posts: 173
Groaned at 1 Time in 1 Post
Thanked 99 Times in 56 Posts
MrMert is considered knowledgeableMrMert is considered knowledgeableMrMert is considered knowledgeable
Re: US citizens have difficulty opening accounts with Post Finance?

I have always reported my accounts and paid US and Swiss taxes.

It will be impossible to live here if Americans can not get bank accounts.

The US govt went after UBS, not all American citizens. American expats barely have any representation, so I have no idea how to even talk to any one about this.
Reply With Quote
  #8  
Old 03.10.2009, 19:38
Member
 
Join Date: Dec 2007
Location: Vaud
Posts: 173
Groaned at 1 Time in 1 Post
Thanked 99 Times in 56 Posts
MrMert is considered knowledgeableMrMert is considered knowledgeableMrMert is considered knowledgeable
Re: US citizens have difficulty opening accounts with Post Finance?

Markalex, yes the 3a (3rd pillar) pension. There is a 3a and a 3b. The special is on 3a (that you pay in roughly 6000 a year)
Reply With Quote
  #9  
Old 03.10.2009, 19:39
Tilia's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: ZH
Posts: 2,602
Groaned at 74 Times in 40 Posts
Thanked 2,348 Times in 1,073 Posts
Tilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

Exactly!

...


Quote:
View Post

The US govt went after UBS, not all American citizens..
Reply With Quote
This user would like to thank Tilia for this useful post:
  #10  
Old 03.10.2009, 19:39
Goldtop's Avatar
Forum Legend
 
Join Date: Feb 2008
Location: Zurich
Posts: 2,854
Groaned at 11 Times in 11 Posts
Thanked 905 Times in 625 Posts
Goldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

Quote:
View Post
wow...sorry to hear that..I'm glad I have a dual citizenship I guess and did not use my US passport to open accounts...permit is also based on the non-US citizenship so I guess that's OK.
So simple it is not! All the Banks I know require account holders to sign a declaration that they are not an "US person" (defined as US citizen, US resident, or US green-card holder). Better check the fine print on your account opening documentation.
Reply With Quote
  #11  
Old 03.10.2009, 19:50
Junior Member
 
Join Date: Apr 2009
Location: Zurich
Posts: 62
Groaned at 0 Times in 0 Posts
Thanked 12 Times in 10 Posts
magnolia has no particular reputation at present
Re: US citizens have difficulty opening accounts with Post Finance?

Hmm. I just got a Post Finance account, what 3 weeks ago? Has it changed since then? That is kind of scary, what are American expats supposed to do?
Reply With Quote
  #12  
Old 03.10.2009, 20:05
Member
 
Join Date: Dec 2007
Location: Vaud
Posts: 173
Groaned at 1 Time in 1 Post
Thanked 99 Times in 56 Posts
MrMert is considered knowledgeableMrMert is considered knowledgeableMrMert is considered knowledgeable
Re: US citizens have difficulty opening accounts with Post Finance?

Quote:
View Post
Hmm. I just got a Post Finance account, what 3 weeks ago? Has it changed since then? That is kind of scary, what are American expats supposed to do?

Magnolia

The mail I got from the bank manager said "as of Sept 30....

So it seems, according the the mail, there is a change. I will vist with him on Monday morning to further understand. They can of course refuse anyone, but adding Post Finance to the list of other banks who no longer accept Americans is not a good sign.
Reply With Quote
  #13  
Old 03.10.2009, 20:14
Junior Member
 
Join Date: Apr 2009
Location: Zurich
Posts: 62
Groaned at 0 Times in 0 Posts
Thanked 12 Times in 10 Posts
magnolia has no particular reputation at present
Re: US citizens have difficulty opening accounts with Post Finance?

Wow. We got our account in early September. That really sucks, I'm sorry. I hope you can work something out.
Reply With Quote
  #14  
Old 03.10.2009, 20:30
Corbets's Avatar
Forum Legend
 
Join Date: Mar 2007
Location: Zug, CH
Posts: 3,180
Groaned at 167 Times in 122 Posts
Thanked 6,285 Times in 2,119 Posts
Corbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

Quote:
View Post
I have always reported my accounts and paid US and Swiss taxes.

It will be impossible to live here if Americans can not get bank accounts.

The US govt went after UBS, not all American citizens. American expats barely have any representation, so I have no idea how to even talk to any one about this.
Agreed with most of that, but it's irrelevant. Why would Swiss banks want to do business with us if it's just going to cause them problems? While I find it troubling, I certainly don't blame the banks.

I had rather thought that PostFinance would keep allowing American accounts, given that it's not likely to be at risk from overreaching American government agencies (as it operates entirely in Switzerland) but... looks like I guessed wrong. It's a real shame, too, because Switzerland is one of the few countries in Europe where my American citizenship usually makes me feel welcome, rather than spurned.

Ten more years and I'll be Swiss.... click my heels together three times.... ;-)
Reply With Quote
The following 2 users would like to thank Corbets for this useful post:
  #15  
Old 03.10.2009, 20:44
Tilia's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: ZH
Posts: 2,602
Groaned at 74 Times in 40 Posts
Thanked 2,348 Times in 1,073 Posts
Tilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond reputeTilia has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

Just make sure you don't have any pending court hearings in the US you're running from ;-)


Quote:
View Post

Ten more years and I'll be Swiss.... click my heels together three times.... ;-)
Reply With Quote
This user would like to thank Tilia for this useful post:
  #16  
Old 03.10.2009, 23:50
Goldtop's Avatar
Forum Legend
 
Join Date: Feb 2008
Location: Zurich
Posts: 2,854
Groaned at 11 Times in 11 Posts
Thanked 905 Times in 625 Posts
Goldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond reputeGoldtop has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

Quote:
View Post
Agreed with most of that, but it's irrelevant. Why would Swiss banks want to do business with us if it's just going to cause them problems? While I find it troubling, I certainly don't blame the banks.

I had rather thought that PostFinance would keep allowing American accounts, given that it's not likely to be at risk from overreaching American government agencies (as it operates entirely in Switzerland) but... looks like I guessed wrong. It's a real shame, too, because Switzerland is one of the few countries in Europe where my American citizenship usually makes me feel welcome, rather than spurned.

Ten more years and I'll be Swiss.... click my heels together three times.... ;-)
PostFinance belongs to the Swiss Government. PF must be super compliant with US legislation.
Reply With Quote
  #17  
Old 04.10.2009, 09:36
Member
 
Join Date: Dec 2007
Location: Vaud
Posts: 173
Groaned at 1 Time in 1 Post
Thanked 99 Times in 56 Posts
MrMert is considered knowledgeableMrMert is considered knowledgeableMrMert is considered knowledgeable
Re: US citizens have difficulty opening accounts with Post Finance?

I received some emails telling me that they think all banks in Switzerland will have to do a lot of extra paperwork, reporting all accounts on US citizens to the IRS, that they now will prefer to stop doing business with Americans.
Reply With Quote
  #18  
Old 04.10.2009, 09:50
Forum Legend
 
Join Date: Sep 2006
Location: SZ
Posts: 8,741
Groaned at 19 Times in 18 Posts
Thanked 19,239 Times in 6,160 Posts
meloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

This is indeed very worrying for Americans resident abroad... but the blame must be placed squarely with the IRS and US policy, not the institutions who have found that Americans now bring a boatload of headaches with them, and as clients simply are not worth the potential for trouble. This mess is of our own government's making.

I would urge all Americans resident abroad to contact your senators and congressional representatives, as well as the members of the Americans Abroad Caucus in Congress. See the ACA website on this:

http://www.aca.ch/joomla/index.php?o...d=47&Itemid=74

American expats are a diverse group, without a strong single voice - we end up under the radar so to speak, our situation is rarely considered in policy making. The only way this will ever change is if we make noise; we need to let our leaders know how such policies are adversely affecting honest citizens who play by the rules, file and pay our fair share of taxes, year in and year out.

Time to get active, folks!

Last edited by meloncollie; 04.10.2009 at 09:59. Reason: typo
Reply With Quote
The following 5 users would like to thank meloncollie for this useful post:
  #19  
Old 04.10.2009, 11:22
Member
 
Join Date: Jun 2009
Location: Winkel(Zurich)
Posts: 183
Groaned at 7 Times in 4 Posts
Thanked 245 Times in 74 Posts
darrylmitchell has a reputation beyond reputedarrylmitchell has a reputation beyond reputedarrylmitchell has a reputation beyond reputedarrylmitchell has a reputation beyond repute
Re: US citizens have difficulty opening accounts with Post Finance?

I'm just curious...

If the banks stop doing business with Americans, how will we receive our salary? I think most people have direct deposit. Will they start issuing Pay vouchers for us to cash at the banks...?
Reply With Quote
  #20  
Old 04.10.2009, 19:36
ch-expat
Guest
 
Posts: n/a
Re: US citizens have difficulty opening accounts with Post Finance?

Quote:
View Post
I have always reported my accounts and paid US and Swiss taxes.

It will be impossible to live here if Americans can not get bank accounts.

The US govt went after UBS, not all American citizens. American expats barely have any representation, so I have no idea how to even talk to any one about this.
The US gov. is expecting the Swiss banks to become agents for the IRS. Reporting securities etc...
They just don't want the hassle. You can thank Carl Levin for this.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Post finance bank Vs Kantonal banks - opinions Info Finance/banking/taxation 30 09.07.2011 12:37
Difficulty in finding Fund administration persons Sauce Employment 3 05.07.2009 13:58
2 Accounts on 1 Computer esto Forum support 23 30.03.2009 16:23
Transfer from Post to NA accounts asdfasdf Finance/banking/taxation 3 09.10.2007 23:36
Chart of Accounts baskinci Finance/banking/taxation 6 17.11.2006 18:23


All times are GMT +2. The time now is 18:34.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0