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Old 23.07.2014, 10:09
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UBS is not accepting US citizens to open bank accounts?!?!

My husband called UBS and wanted to open a bank account for me, a US citizen, I begin my first day of work soon and I'll need my bank account to have my salary deposited...
They ask him a little bit of information about me, asked if I was American and they said "we don't accept American citizens".
Why?!?!
Racist much??
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Old 23.07.2014, 10:13
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Re: UBS is not accepting US citizens to open bank accounts?!?!

Do any kind of search on here for Americans bank accounts, or FATCA and you'll get lots of info. America kind of brought this on themselves.

I believe Post Finance accepts Americans.
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Old 23.07.2014, 10:18
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Re: UBS is not accepting US citizens to open bank accounts?!?!

There are a few threads on the subject, here's one..

Are there any Swiss banks that still accept US customers?
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Old 23.07.2014, 10:31
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Re: UBS is not accepting US citizens to open bank accounts?!?!

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Racist much??
Blame your own government which makes it a risk for foreign banks to deal with you. No other government does anything similarly stupid as Fatca or the taxation of nationals abroad in general. End of story.
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Old 23.07.2014, 10:34
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Re: UBS is not accepting US citizens to open bank accounts?!?!

Thanks for the information guys! Was not aware of this issue, and it's understandable, just kind of hard when you hear it in this harsh tone.
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Old 23.07.2014, 10:38
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Re: UBS is not accepting US citizens to open bank accounts?!?!

How long have you been out of America? Make sure you do your tax returns. Many Americans have relinquished their citizenship just because of this... So it must be an absolute pain for people to do that and for banks to turn away customers.
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Old 23.07.2014, 10:40
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Re: UBS is not accepting US citizens to open bank accounts?!?!

Rather than calling I would go into one of the bigger UBS branches and ask personally. If no luck then try Credit Suisse, PostFinance or the cantonal banks of Basel and Zurich. Migros Bank may be another possibility.

This is all due to the US foisting its FATCA law on all financial institutions worldwide so if you don't like it/are shocked by this complain LOUDLY to your Congress people back home, especially if they happen to be Republicans. There's a resolution in progress to get rid of FATCA and Citizen Based Taxation so if the Republicans get in next time around there might be an end in sight to this nightmare.

https://www.facebook.com/republicans...556919?fref=nf

Be warned that if you can get accepted by PostFinance you may need to provide copies of your recent US tax filings as well as signing the standard W-9 form to allow them to pass your info on to the IRS which all banks will require. Whether they'll also need the extra tax paperwork I don't know.

And as Island Monkey says, search down in the Finance/Taxation section for the many threads about FATCA and the problems it's been causing over the last few years.

If you do try UBS again, please report back here with what the result was. If the response is still no, then it's going to be a major blow to those Americans who may need to find a bank here in future.
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Old 23.07.2014, 10:45
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Re: UBS is not accepting US citizens to open bank accounts?!?!

You might try a large UBs office, or credit suisse. If you are willing to fill out a W9 and and let the bank send your info to the IRS. Also, file FBARS. Also, i think Migros Bank might under some circumstances. And yes, it is the US goverment being stupid. And we have some responsibility to elect officials with brains. But lots of US citizens are stuck in the crossfire, can't dump our citizenship because we have no other option. Yeah of course we can go back to the US, but that's not much of a solution for many of us. Our government is stupid. We know this. It's frustrating. It sucks. To the OP, try with a different office. Also, not every bank employee has a clear understanding (and why should they, no one else does!)
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Old 23.07.2014, 10:53
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Re: UBS is not accepting US citizens to open bank accounts?!?!

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My husband called UBS and wanted to open a bank account for me, a US citizen, I begin my first day of work soon and I'll need my bank account to have my salary deposited...
They ask him a little bit of information about me, asked if I was American and they said "we don't accept American citizens".
Why?!?!
Racist much??
Your husband should be able to give you essentially power of attorney with regard to his account, at which point you can withdraw, and perhaps at that point you can deposit into that account.

If your husband is not a US citizen himself, then the above it a bad idea.

I will email someone in the organization under discussion and ask them if I was a special case, which I highly doubt. This 'someone' may be the resident ex-pat expert at the branch I was sent to, and perhaps your husband just got the wrong person on the phone. It seems to happen a lot in good old CH

Will follow up in PM if I get anything.
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Old 23.07.2014, 10:55
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Re: UBS is not accepting US citizens to open bank accounts?!?!

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My husband called UBS and wanted to open a bank account for me, a US citizen, I begin my first day of work soon and I'll need my bank account to have my salary deposited...
They ask him a little bit of information about me, asked if I was American and they said "we don't accept American citizens".
Why?!?!
Racist much??
Americans are not a race, so the bank employee can be called stupid, ignorant, respectful of internal rules (?), but not racist. It is unfortunate for you that the American government wants once again to have the high moral ground on tax issues.
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Old 23.07.2014, 11:01
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Re: UBS is not accepting US citizens to open bank accounts?!?!

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Rather than calling I would go into one of the bigger UBS branches and ask personally. If no luck then try Credit Suisse, PostFinance or the cantonal banks of Basel and Zurich. Migros Bank may be another possibility.
This exactly - start with the Big 2, and as Medea suggests go to one of the main offices and have a frank discussion with the account manager, not an underling.

And while you are at it - please share your story with all the folks back home, including your congress critters. Most Americans have no idea of the havoc FATCA has wreaked on honest Americans overseas, or of the potential this ill-thought out legislation has to seriously hurt the American economy.
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Old 23.07.2014, 11:08
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Re: UBS is not accepting US citizens to open bank accounts?!?!

I'm also very irritated by the whole thing. An investment account of mine was just cancelled. I have a mortgage with a bank and they told me that if I were a new customer, they would not take me due to the FATCA. I think it is possible to have a basic salary/low interest savings account but almost every financial institution now is not allowing investment type of accounts for 'US persons'. You have to realize though the Credit Suisse was just fined almost 3 billion for 'aiding & abetting' US tax evaders so the banks have an existential threat with a gun to their head. Also lately courts in the US are placing huge fines (i.e., BNP Paribas) which is an easy way to solve a city or states financial shortfalls overnight.
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Old 23.07.2014, 11:11
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Re: UBS is not accepting US citizens to open bank accounts?!?!

I didn't have too much trouble opening a UBS account less than a year ago - just had to go to one of the main branches in Zurich. I was also able to open an account with Credit Suisse, just again, by going to one of the main branches where they have the paperwork and the staff to deal with it.

Hopefully it was just an issue of which branch you went to, as opposed to UBS changing their policy to entirely exclude US Citizens.
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Old 23.07.2014, 11:15
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Re: UBS is not accepting US citizens to open bank accounts?!?!

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My husband called UBS and wanted to open a bank account for me, a US citizen, I begin my first day of work soon and I'll need my bank account to have my salary deposited...
They ask him a little bit of information about me, asked if I was American and they said "we don't accept American citizens".
Why?!?!
Racist much??
I think what was meant was that this practice is discriminatory based on nationality. Indeed, it is discriminatory but whether it is illegal in Switzerland is another matter.

Such discrimination is illegal in the Netherlands. Several months ago the Dutch human rights court ruled that a Dutch bank that closed out the accounts of 150 US citizens was guilty of discrimination. Here's a write-up on the topic in English:

http://taxpol.blogspot.com/2014/04/n...ited-from.html

I would encourage you to write your US senator and representative on the difficulties that FATCA is causing you to lead a normal life abroad.
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Old 23.07.2014, 11:23
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Re: UBS is not accepting US citizens to open bank accounts?!?!

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I have a mortgage with a bank and they told me that if I were a new customer, they would not take me due to the FATCA.
.

We have heard the same.

We're preparing for the day when we have to transfer our accounts here to the Matratzenbank.

We are still able to bank and invest with our CH bank's US arm. If the worst comes, salaries could be deposited there but one would of course take on the FX risk.
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Old 23.07.2014, 11:29
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Re: UBS is not accepting US citizens to open bank accounts?!?!

No racist at all moneyand adapted politics because the us is hunting banking switserland and punish them with miljards.
The banks donot want to take these risks anymore. Btw I am a foreigner too but not us but got the same question as you. I was lucky my country did not hunt.
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Old 23.07.2014, 11:36
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Re: UBS is not accepting US citizens to open bank accounts?!?!

Hi Anazub,
American citizens don't have God-given right to have Swiss bank accounts, but perseverance and kindness helps even in dealing with the Swiss
Re your case: UBS centralised US-citizen client advisors in Zurich a few years back, taking individual accounts away from local branches. (Enforcement not always 100% but this was the idea.) Expertise and service level isn't was it was before but you can still open a CH account with UBS. Suggest call UBS at their Bahnhofstr. 45, Zurich location (044 234 11 11), ask for a client advisor in their "US Customers Group." They speak English and can help you out. Of course, you'll have to submit proof of US tax compliance etc. Accounts can be CH or Euro denomination.
If you want stock trading acct in CH but US SEC compliant, call UBS Swiss Financial Advisors AG on Löwenstrasse 49 in Zürich. They offer only USD denominated account but at least you can get a local account. PS: don't ever buy any fund designated "Sicav" - they are tax nightmare for US purposes even though they are just European mutual funds.
Good luck!
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Old 23.07.2014, 12:41
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Re: UBS is not accepting US citizens to open bank accounts?!?!

We are American and opened an account with UBS a month ago after being here two weeks. We had to go to the headquarter branch on Banhofstrasse (living in Zurich). it's not racist, there are special requirements imposed by the US government and you have to deal with a banker trained to process it correctly. It was a total pain to transfer money from the US without being there in person. Again, due to US regulations on international transfers.
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Old 23.07.2014, 14:01
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Re: UBS is not accepting US citizens to open bank accounts?!?!

I agree with the suggestions to go in person. Take your work contract and residence permit (or proof that it's in the works), so that the person you deal with can see you're here to live, not just stopping by to hide money.
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Old 23.07.2014, 16:43
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Re: UBS is not accepting US citizens to open bank accounts?!?!

all of the above advice to go to the offices in the city is spot on, we have never had any trouble at all with UBS and we are also US citizens.

fyi, if anyone were to actually have a frank discussion with an honest Swiss banker (yes, they do exist), they would be very open that the Swiss banking industry was knowingly helping US citizens hide taxable income from the US authorities for years upon years, and the fines that have been assessed are just the tip of the iceberg. you do not have to like the US policy of taxing citizenship rather than residency (and, candidly, what kind of expat WOULD like it), but the Swiss banking industry has been aware of the rules since Hector was a pup and the only thing that upsets the Swiss banking industry now is the disclosure requirement (since the disclosure requirement compels the banks to disclose behavior that has gone on for decades).
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