Bankruptcy proceedings against FlowBank

[uranium]

A very important lesson to learn here⁠ is to keep no money at bank but rather stocks or etfs. If a bank⁤ goes bankrupt you can always transfer securities to another bank.

 

[bubbledouble]

Can you do that from any other bank⁠ or must the transfer be initiated by the bank going bankruptcy ?

 

[uranium]

From any bank to any‍ bank in the world. I think you just have to make sure that the receiver⁠ bank has the same securities you want to transfer to them. For example you want⁤ to transfer tesla stock from ubs bank to ibkr.
You need to check first if⁣ ibkr has tesla stock.

 

[zonqor]

ISIN number !

https://www.investopedia.com/terms/i/isin.asp

 

[clemens]

So in general there is no risk if you keep your securities at any bank‌ since they can always be transferred if things go wrong?

 

[SCHLOSSFINANZ]

correct. Securities are not party of the liquidators estate.

 

[uranium]

This is most valuable lesson we can learn from this thread
Only issue is that⁠ it can take let's say up to 3 months to finish..

 

[daniels27]

Forced investment. We saw it with BTC on Mt. Gox. Took years but many⁠ people will be happy about their forced investment with a 10000% ROI
https://www.tomshardware.com/tech-i...10000-more-valuable-than-when-it-went-missing

 

[uranium]

This is irrelevant
How can you compare btc at some exchange to stocks‍ or etfs
A stock or etf price is same at every platform or bank.
So in this case if your ex: tsla stock was worth 200$ at time when your⁠ bank went bankrupt, you would still get the appreciation of tsla stock later + dividend⁤
Could someone please confirm if you will get dividends in this case or not?
I assume yes

 

[daniels27]

Yes, you still get dividends and any appreciation in value⁤ of the stock. As with Mt. Gox, you just cannot sell and are forced to⁣ remain an investor.

 

[Revoltec]

I know this is regulated through legislation in Switzerland since 2022 or something like that but‌ is this true for all banks, even in other countries?

 

[SCHLOSSFINANZ]

afaik it is applicable in EU, Switzerland, Liechtenstein, Monaco, Singapore

 

[uplana]

okay, if that means you don't loose your money or assets it's everyone can⁠ live with it.