Flowbank is ready to reimburse funds in CHF to current holders, do you know how long I can keep the funds there before indicating an IBAN to send the funds onto? Also, it's a personal account, would I be doable to indicate an IBAN of a company (sole proprietorship)?
Bankruptcy proceedings against FlowBank
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Flowbank is no longer a bank since the June 13th when FINMA took away the license. Right now, FlowBank SA is just a normal company with a lot of legal problems and money and assets it shouldn't have.
I think you'll have to wait it out, until or unless FINMA says otherwise.
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This is the probably the answer to your question.
But flowbank assigned a liquidator to give customers their assets back
So I'm asking if someone tried to get stocks back from liquidator (Walder Wyss Ltd)
I've been thinking about how I can explain this to you, but I am not well-versed and financially articulate enough to do so.
I went hunting for the answer to a friend in Zug who does this "work" and he sent me this: Swiss Equities Certificate
This is the best I can do considering my cranial limitations smi(&%
Tschüs
"Depending on the company, you may be able to claim dividends directly without a custodian bank, but you would have to clear that up with the company directly"
I have a new question;
if a bank goes bankrupt, can I go to the company of which I own stocks, let's suppose tesla and try to claim ownership of tsla stock with them directly?
Yes! 100%! This has happened to me. No problem 😉
Whenever I can, I engage in this particular practice: Direct Stock Purchase Plan (DSPP): Definition and How DSPPs Work.
PS. It should come as NO surprise to anyone here that I despise dealing with the "non-producing" middleman (aka the pimp)! ca#"!
PSS. Every quarter, I download a complete history log from my brokers.
The story sounds all too familiar to EPB indeed,
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Finma justified the forced closure of Flowbank mainly due to the lack of capital. In various media, Charles-Henri Sabet, founder and CEO of the digital bank, criticized that the authorities had failed to disclose that he had deposited the required capital on time with a Swiss bank.
«L'Agéfi» now quotes a Finma spokesperson who noted that this emergency injection had raised so many substantial doubts that approval was out of the question. It was also not the first time the bank's capital had fallen below the capital requirements.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Flowbank = CredisSuisse ? who is next
The new radicalization of the Swiss political to the left has caused an outflow of capital from Switzerland. What will be left after the outflow might just be chocolate and watches. If they do not change, it could all go away. Switzerland currently has 250 banks and a population of 8 million people. Swiss banks claim to be conservative when it comes to onboarding non-residents. It is almost impossible to get a residence permit unless you have at least 20 million or are self-employed.
The new radicalization of the Swiss political to the left has caused an outflow of capital from Switzerland. What will be left after the outflow might just be chocolate and watches. If they do not change, it could all go away. Switzerland currently has 250 banks and a population of 8 million people. Swiss banks claim to be conservative when it comes to onboarding non-residents. It is almost impossible to get a residence permit unless you have at least 20 million or are self-employed.
The money arrived yesterday! Unfortunately in CHF, I hate it because I have to exchange it back into EUR with fees. Now the securities are still missing, then never again a new small bank. No point in some exotic bank far away where you have to tremble every day. This is my fourth bankruptcy with a bank; I've had enough now! old)(#
That's great! Glad to hear it was quick.
There's still plenty of time for a fifth, sixth... 😉
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This is the probably the answer to your question.
there is a simple trick old Jack uses day in and day out. So far it worked.
Bank where a large percentage of the local voting plebs do banking too, be it a popular broker, and do their to day banking. (talk to those people which at the end of their salary, still have some month left).
Be extra careful, if institution is popular with non-resident foreigners but not locals.
Be careful with specialized / niche-branded banks, like crypto-banks, startup banks, hookas banks 😉.
Id also be careful with only private banks, but they can be ok if run ideally by the founding partners ideally in the form of a partnership.
Id prefer the private banking branch of a pleb bank.
Flowbank was not popular at all for example, but credit suisse is/was (thats why credit suisse the plebs didnt even notice it went down, while flowbank is rekt).
No update yet regarding securities.
It`s much easier to send money, just an IBAN and the name, like in Nobel`s case.
It`s been a while , 12/13 years since i moved securities from one jurisdiction to another ( that`s what I`m gonna do here), didn`t take long if I recall, 4/5 days.
But this time is different and depends on the volume , so assume it may take awhile.
Maybe a small fee to my receiving broker may speed up things but I doubt it, all depends on liquidator or whoever will handle the transactions I guess.
It`s much easier to send money, just an IBAN and the name, like in Nobel`s case.
It`s been a while , 12/13 years since i moved securities from one jurisdiction to another ( that`s what I`m gonna do here), didn`t take long if I recall, 4/5 days.
But this time is different and depends on the volume , so assume it may take awhile.
Maybe a small fee to my receiving broker may speed up things but I doubt it, all depends on liquidator or whoever will handle the transactions I guess.
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