Just one morning received an email from Yuh that they will close my account and I must sell all investments and transfer money elsewhere. Absolutely no suspicious activity with the account, except having savings there invested, modest sum below 10k. After calling “customer care” they confirmed that “yeah per internal policy” just decided to close it for a swiss citizen with swiss tax residency, after continuous questions what is the reason, the answer “no reason”. So amazing business doing in practice! So just sharing how such companies operate. No documents, no nothing, no statement, they might as well just steal all money, nobody will be able to do anything. Well at least moderate amount is involved, but yeah amazing practice!
I think many clients of financial institutions are wrong. Any financial institution can decide to stop working with any client whenever they want for no reason. And vice versa.
Sorry, it is the law. It is not fair, but it is the law. Anyhow, you too have the right to stop working with any financial institution without giving no reason.
Sometimes it is strange, seems that the institutions will lose money for not working with you. Maybe it was just some guy you did piss off many many years ago. Or maybe you just have a name similar to a name on the forbidden list. Anyhow, it may be easier to target enemies financially and the collateral damage is accepted. The collateral damage is you in this case… but at least you don’t have some bullies with uniforms shooting at you.
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yes and i am sharing that indeed they can stop accounts for swiss citizens for absolutely no reason and provide absolutely no document, no explanation, so just a reminder for people to be prepared. “Anyhow, it may be easier to target enemies financially and the collateral damage is accepted. The collateral damage is you in this case… but at least you don’t have some bullies with uniforms shooting at you.” this i don’t even understand wtf, i am a swiss citizen.