Private Bank Accounts : Switzerland

Your relationship with your Swiss bank can be compared to doctor/patient confidentiality or the private information you might share with an attorney. Swiss law forbids bankers to disclose the existence of your account or any other information about it without your consent (except for certain circumstances, which we’ll discuss later). Where the similarity ends is when that privacy is violated. in Switzerland, if a banker divulges information about a bank account without permission, immediate prosecution is begun by the Swiss public attorney. Bankers face up to six months in prison and a fine of up to 50,000 Swiss francs. And, you have the option of suing the bank for damages. Needless to say, Swiss banks are very careful about protecting your privacy.

 

Assessment: There are a few thing s to criticize of Swiss banking and its affiliations with money laundering and fraud etc. although it does get rid of identity fraud and limits cases of theft from individual accounts. The introduction of Swiss style bank accounts around the world could be a major plus if done right. It would mean more privacy and better service. whether it would cause a lot of forgetful issues is something to think about also  in a small population with the Swiss it is a much more containable problem rather than if the idea was imported to the US, the effects could be chaotic.