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.
I don’t understand what that has to do with anything. Your name may sound like one on the “Bush list” and therefor you have problems with financial institutions, what I would prefer to some CIA agents just shooting at me.
Bush list…froze assets of suspected terrorist groups and required global financial institutions to screen and block transactions, later serving as a reference for international bodies like FINMA
No idea what reasons Yuh may have, but they don’t need a reason. It may be just bad luck…
dear lord wtf is this, my name doesn’t sound like anything, normal european name, bush??? which year is it?? i wasn’t even born probably, and i had this account for 4 years. I also don’t understand anything you post or how it relates to a real problem of a randomly closed account with NO REASON. I just post to share experience, that people don’t hold too large sums in these internet banks, because the response will be “NO REASON”, there is no customer support, there is nothing, and that you are forced to sell investments at your loss. just please stop responding, it sounds mental to me, bush, wars, cia, shooting someone, whaaat the actual f*
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There’s an old saying something like, if you don’t have a sense of humor then don’t post here.
Often used in situations where people who didn’t read the small print expect sympathy.
Shit happens as they say.
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It’s not just internet banks. Traditional Swiss banks also close your account and usually will not give you a reason.
Maybe you are not profitable for them, maybe they suspect something dodgy. Maybe your name sounds too like someone on a ‘bad list’.
Doesn’t matter, but upshot is that you don’t have any reasonable way to respond other than be ready to transfer to another bank.
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Being young is not a problem per se. Not wanting to learn is…
You youngsters did grow up with all that bullshit, so just consult your favorite electronic answer machine and let explain the Bush list concept to you.
What happened to you can happen at any financial institution, big or small, UBS or Yuh. And you will never hear back for a very long time, or for a small account probably never. They just want to protect their ass and will refuse contact with you.
And this is legal, sorry bro. There is contract freedom for clients and financial institutions…
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- Could it be that apart from the Swiss nationality you have another toxic one? Normally, the Swiss takes priority but it can cause friction
- Could it be that you failed to provide regular updates on your situations (position held etc.) or that a position held if a conflict of interest in some way?
- Could it be that you’re somehow aging out of the young population targeted by Yuh?
- Was a transfer of assets to another broker an option? Maybe this way you could avoid incurring losses
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Update:
3. Sounds like BS to myself
4. Probably impossible to transfer as it’s a more limited kind of a broker offer
Thanks for sharing your experience. It’s great to have such testimonials from people on this forum!
My personal opinion would be to not worry about the reasons (you won’t find out for sure anyway) and just move on. Luckily we live in a free market, there are many other great choices for banks. Also luckily that you don’t need to disclose to a new bank that your old relationship has been terminated.
Do you already know which will be your new bank?
I was wondering whether there are institutions which are obligated to take you?
YUH is a Swiss company. it is part of SwissQuote. Work that out!
I use it to transfer euros from SwissQuote investment sales and put them on the YUH debit card for use in the euro area…
There are some regulated financial institutions that are obligated to -“take you”. Speak health insurance in Switzerland.
My understanding is that PF is obliged to provide essential domestic financial services but it wouldn’t include brokerage or even international transfers.
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Same. That’s why Americans for example are directed to PF if they have problems opening a bank account.
I did ask an artificial idiot about what PF means and he asks me
What does “PF” stand for in your specific example or document?
Great. Ask me exactly what I want to know from you you idiot!
Please don’t use abbreviations without explaining first what it stands for!
Postfinance.
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Time to drop the Revolut, Neon and Wise names here. Play at your own risk.
As said before, that can happen at any institution. No idea about Revolut and Neon, but I hold a wise account in CHF, EUR and USD since it exists. Customer service there is better than at a Swiss bank, they even work Sundays.
But then the best customer service is the one you don’t need. I think I tried to open an U.S. account and there were no accounts available for some time, but then after asking I did get one.