The GDP of Switzerland is higher than most of the countries in the world and that is why it is counted in one of the most prosperous nations in the world. To open an account there you will see the sign board outside the bank saying ‘Private Banking’, which is always a satisfying to anyone who wants to open a new account, especially at the Swiss Bank.  But actually that private bank is for millionaires, who are mostly from the third world countries and it requires $100,000 as a first deposit. Opening regular account does not need such a big deposit and is relatively the easier one.

An Account Opening

In Switzerland, according to the laws and regulations any adult person can open an account. However, the bank holds the right to reject any customer for providing the services. For example, the bank can refuse to provide the services to a politically-exposed person, which can harm the bank’s reputation if that person becomes the bank client. The bank can also refuse to provide services to a person whose income sources are not reliable for the bank, or that person is generating income from criminal activities.

An Account for Companies

There are two types of accounts for companies in Switzerland.

• Companies registered and working in Switzerland.
• Companies registered and working abroad.

For the company, registered and working in Switzerland, the bank can gather the relevant information about the company.  The information can be collected from the Swizz Commercial Register on the company’s relevant website.

For the company, registered and working outside Switzerland than they must provide the relevant information required by the bank and prove its existence.

Swiss Banks Vs American Banks

One of the significant differences between the ordinary people bank and the Swiss bank is that, the regular banks let you pay the bills by sending pink slips in the mails. However, since American’s are used to the power of plastic while paying for the groceries or food at a restaurant, they hardly ever prefer the use of the credit cards. So when both the credit card and the checkbooks aren’t available, then there is no option left. One thing people don’t understand about the Swiss Banking is the monthly cash limit in the ATM machines. It’s quite confusing that why there are limits defined for the cash withdrawal. Different people go and try to persuade the teller to increase the monthly cash limit for the cash machines, and the tellers too, unwillingly, give them an approval.

PIN Privileges

Swiss accounts, sometimes also put people into trouble by changing their bank card. People often rush to the bank by such complaint and they are asked that they will get a different type of a bank card. Furthermore, the bank sometimes withdraws the PIN privileges. Read the full story

All of the consumer banks have a private banking division that offers quite desirable benefits to their wealthy clients. Such clients with their fat accounts get excellent rates and the best customer services from the bank. “I always told (my clients), ‘Don’t go to the branch; I’m your teller. You need a check cashed? You need checks ordered? Call me,’” says Michael Baughman, who previously worked for a private banking division of consumer bank BB&T, based in Winston-Salem, N.C.

Banks hunt these affluent customers, because they engender a great and repeated business from them.

Perks of Private Banking

Private banking advantages start with a special service for banking errands like opening CD accounts or administering checking accounts.  It is like a service by a five star restaurant. For such type of clients, there are higher rates on deposit products. They also get easy sanction for mortgage refinance.

In banks for private banking clients, everything is flexible including the various fees and service charges.

Who is Invited

Some of the private banking divisions obtain their customers generally by incitement.

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The creation of money is called most astounding sleight of hand ever invented. The creation of money is now privatized, as it is now being hold by a private banking cartel instead of congress. Most people think that government is the authority behind the issuance of money, but actually this is not the case. Except of the coins, the banks create all money, not the government. Federal Reserve Notes are issued by a private banking cooperation named the Federal Reserve, and lent to the government. Moreover Federal Reserve Notes and coins together compose less then 3% of the money supply. The other 97% is created by the commercial banks as loans.

This seems unbelievable that banks create money, they lend. Same was the feeling of jury in Landmark Minnesota case, until they heard the evidence. First national bank of Montgomery vs. Daly (1969) was a courtroom drama worthy of a movie script. Defendant Jerome Daly opposed the bank’s foreclosure on his $14,000 home mortgage loan on the ground that there was no consideration for the loan. Daly, an attorney representing himself, argued that the bank had put up no real money for his loan. Associate Justice Bill Drexler recorded the courtroom proceedings; he said his role was to keep order in the courtroom. Drexler had not given much mental acceptance for defense and watching this The Bank President Mr. Morgan took a stand and admitted that the banks routinely created money for loans and that this was standard banking practice. Presiding Justice Martin Mahoney and the jurors all agreed that it seems like a fraud.

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