What Can a Bank Ask Me When I Open a Bank Account?

Good day,

We would like to open a new savings account. I would like to know what information I have to provide to the bank when opening the account, and what information I am not obligated to disclose. We only need a savings account. I cannot find any information about this online.

Thank you for your support.

Kind regards

Hi there,

Today, new bank customers opening accounts are often expected to provide far more sensitive personal information to banks than they were in the past. Banks justify their demands for personal information by citing new regulations, money laundering prevention measures and due dilligence requirements.

The Swiss federal law on money laundering requires banks to verify the existence and identity of new customers and to identify the new customer's purpose for opening the account. Only information which is necessary for these purposes is legally required.

However, in Switzerland banks are free to accept or decline customers at their discretion. The only exception to this rule is Postfinance, which is obligated to provide basic banking services to all residents of Switzerland. If you do not comply with a bank's demands for information, they may reject your application.

Some banks are adopting a business model based on data harvesting, and in many cases the questions asked serve data harvesting purposes rather than legal purposes. If banks ask you information which you feel uncomfortable providing, consider asking them directly why they need that information and what purpose it serves.

If privacy is important to you and you feel that a bank is demanding more information than that required by law, consider using a different bank which only requests the information required by law.

Best regards from Moneyguru

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