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What happens to the money in a collective bank account in Switzerland if/when the bank goes bust? Does depositor protection apply to each account holder?
Greetings,
The depositor protection scheme provided by Swiss banking association Esissuisse insures up to CHF 100,000 of deposits per banking relationship. In the case of a collective account, all account holders combine to create a single banking relationship. That means that even though the collective account is held by many individuals, only CHF 100,000 of the deposits in a collective bank account are guaranteed by Esisssuisse.
Best regards from Moneyguru
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