Account Closure

[liroyb]

I hold securities portfolio with a private bank which I would like to transfer to new account and close the private account. I never did such thing before so I want to avoid situation that the bank will overcomplicate and drag the process too long. Is there anything I can I do it to ensure fast and simple process?

 

[wellington]

Transfer in parts?

 

[JackAlabama]

I hold securities portfolio with a private bank which I would like to transfer to new account and close the private account. I never did such thing before so I want to avoid situation that the bank will overcomplicate and drag the process too long. Is there anything I can I do it to ensure fast and simple process?

cant your new account / bank help you with this? That would be the best way to start it.

 

[JohnnyDoe]

Pray and beg.

 

[SCHLOSSFINANZ]

get the contact details of the settlement department for securities from the receiving bank (email, phone), and communicate them to your old bank. This makes it much much easier to transfer and will heavily speed up the process

 

[Martin Everson]

get the contact details of the settlement department for securities from the receiving bank (email, phone), and communicate them to your old bank. This makes it much much easier to transfer and will heavily speed up the process

That's pretty much it. Sign paperwork with new bank and get both back-offices talking to each other.

I hold securities portfolio with a private bank which I would like to transfer to new account and close the private account. I never did such thing before so I want to avoid situation that the bank will overcomplicate and drag the process too long. Is there anything I can I do it to ensure fast and simple process?

Please ensure the new bank applies your original purchase price to newly delivered securities and not the price on day they are delivered. Otherwise PnL statements will all be wrong which will cause problems if CGT is important in your investment strategy. Even if they confirm this will be done double check after they have been DFP's to your account.

P.S I have done this maybe half a dozen times with Swiss banks especially and its very easy process.

 

[diro]

Please ensure the new bank applies your original purchase price to newly delivered securities and not the price on day they are delivered. Otherwise PnL statements will all be wrong which will cause problems if CGT is important in your investment strategy. Even if they confirm this will be done double check after they have been DFP's to your account.

I didn't think a bank would do it that way. It would also cause problems with the tax authorities in some countries, if that’s a concern?

 

[Martin Everson]

It would also cause problems with the tax authorities in some countries, if that’s a concern?

Yes it will. However on transfer forms they often ask you to enter purchase price or "Cost Basis" of the stocks your transferring. One could in theory erase their capital gains by putting in favorable values if account was not previously known to current tax man . But this is not recommended.

P.S OP should also be aware that unless your transferring it Private Bank to Private bank ensure names and addresses match on both accounts. If transferring to discount brokers like IBKR and Saxo they don't like any differences in name and addresses details between accounts. Their compliance will flag it as third-party transfers and common sense does not apply sadly in such situations.