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I opened a vested benefits account for my pension money after leaving my last job. Now that I am old enough I want to close the account and withdraw the money. The only issue is that the bank wants me to pay to close my account. Are they allowed to charge me just to close my vested benefits account?
Hi there,
Some Swiss banks charge an account termination fee when you close a vested benefits account. A few examples of banks which charge this fee are the Zürcher Kantonalbank (CHF 75), the Obwaldner Kantonalbank (CHF 100) and the Nidwaldner Kantonalbank (CHF 100).
Many other banks, including Credit Suisse, UBS, Migros Bank and Postfinance, do not charge a termination fee.
Check your account agreement thoroughly to make sure that a termination fee is specified. If your agreement does not specify a termination fee, you generally cannot be expected to pay it. You can present a copy of your agreement to bank representatives as proof. If the fee is included in the account agreement, you will have to pay it in order to access your money.
Best regards from Moneyguru
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