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Hello. My Swiss bank charged me more than 500 francs after they were unable to reach me for a while. How in the world could that kind of charge be justified?
Greetings,
Swiss banks typically charge high fees for dormant assets. These fees apply if the bank is not able to contact a customer (after an undeclared change of address, for example).
Dormant asset fees are charged to cover the cost of attempts to regain contact with customers. These fees can easily add up to 100 Swiss francs per hour of work involved.
If attempts are futile, banks may charge very high fees for monitoring dormant assets until they are claimed by the customer. Migros Bank, for example, charges 500 francs in this case. UBS charges 240 francs per quarter (960 francs per year).
Best regards from Moneyguru
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