UBS is closing my account.....

[BraggSurvivor]

I received a letter and email friday from UBS that they are closing accounts for non-US customers. I will have to find a home for my Swiss franc savings account. I could convert it back to dollars but I'd just as soon not pay the capital gains tax. I already report the account to the IRS and pay taxes on the interest, so that's not an issue. I imagine that there are people with big, secret accounts who are big time scrambling at the moment.

Any recommendations on a bank for a CHF account? I am willing to add more to meet a minimum. I am looking at HSBC in the Channel Islands and the Swiss Postal Service. I know Everbank is a possibility, but I'd just as soon have it out of the US even though I report it.

Any ideas?

(PS - I have a friend who works at Charles Schwab, and she says that next bank to fail will be UBS)

[FVR]

So, are we suppose to feel bad for you? or did you just want us to know you "had" a USB account.

Convert it to gold......you're the goldman. You could always pay the taxes and put it all in a lockbox and hide it under your rolling condo.

Ahhhhhh.............I'm just being a smartarse.

[BraggSurvivor]

I know you are FVR, I know. (By the way, it's my daughters accounts left to them by their dead grandmother)

Anyways, the Postal Service website said it only offers accounts to residents of Switzerland and the neighboring countries. That's out.

[rebel]

...Wheat -n- Wheel barrows.

[Sourdough]

Bragg are you a Yankee or a Canadian.....? I don't understand why you file with the United States IRS, if the interest is earned in Europe, and you are Canadian, and UBS is the only the custodian.

[Rick]

First National Bank of Rick. It's a small but growing organization that put's your funds to work. They'd be happy to accept any form of currency or precious metal you can send their way. The more the better.


Now where is that brochure on Belize? Hmmmm.

[ryaninmichigan]

Grand Camen. I have had good luck eerr I mean I know some people bank down there.

[BraggSurvivor]

I've decided to just bite the bullet and bring the money back to Canada and pay the small capital gains tax. It's too much of a hassle to find another bank that will take non Americans as clients for this amount of money.

I wonder if this is the end of Swiss banking privacy. If the US can do this to UBS, why won't Germany and France do the same thing? Germany is already going after Liechtenstein. I think Krugerrands in a safe deposit box are the way to go. No accounts or interest income that need to be declared.

[crashdive123]

BBS (Bragg Banking System)

http://www.fotosearch.com/comp/BDX/BDX432/saving-money-under_~bxp125821.jpg