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Old 15.07.2020, 13:25
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Re: Withdrawal Limits on Personal and Savings Accounts

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These are all good reasons why the new fintech is going to kill the banks retail business.
Not sure I'd have the courage to put all my savings in a fintech yet.

If you are really in a hurry, you can withdraw, but you have to pay a fee - the bank assumes that the fee will be offset by the gain you may have by using the money sooner rather than later.

But I agree this is a pain from the customer endpoint, and a very archaic way of doing banking. On the long term, as the others said, just split the savings over multiple accounts. And if you run out of accounts, then maybe you have too much savings and you need to think of other solutions, like investing
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Old 15.07.2020, 14:46
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Re: Withdrawal Limits on Personal and Savings Accounts

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After they allowed me to withdraw some, I contacted my client advisor to completely empty the account.

They refused this one, and told me I can withdraw it in Oct-Nov (3 months) without fee.

Really disappointed they won't help me here to be honest, I expected better. Be careful using a savings account, especially as they offer zero benefit to us (0% interest).

These are all good reasons why the new fintech is going to kill the banks retail business.
Banking is not profitable everybody wants the service for free. The only fintech Bank I used was SATABANK which had all it's accounts frozen, my money was very clean & I got it back on the first possible day about a month later, most people waited a year or more. The reason withdraws are limited on an interest bearing account is to prevent a run on the bank.
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Old 22.07.2020, 21:34
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Re: Withdrawal Limits on Personal and Savings Accounts

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Not sure I'd have the courage to put all my savings in a fintech yet.
Why? If they offer banking like services are they either having a banking license and are regulated just as tight as any other bank... or they work with a bank that holds the funds for them. Just make sure that they are regulated in a proper country (CH, EU, UK,...) and you are fine.
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