3A Raiffeisen to Finnpension
- Thread starter Daniel
- Start date
Yes and no 
It's not abnormal in the sense that I have already heard of such a situation. It's abnormal in the sense that if the banks were good at doing what they are supposed to do, it should not happen.
If you don't hear back from them in 15 more days, I would recommend following up with Raiffeisen.
Did you use the form prepared by Finpension for the transfer?
It's not abnormal in the sense that I have already heard of such a situation. It's abnormal in the sense that if the banks were good at doing what they are supposed to do, it should not happen.
If you don't hear back from them in 15 more days, I would recommend following up with Raiffeisen.
Did you use the form prepared by Finpension for the transfer?
Daniel
Member
Yes, I used the Finpension form, the bank (Raiffeisen) responded to me after 10 days with a confirmation document attached to additional information in which they asked for more papers to be signed. I then decided to contact Raiffeisen to tell them that the document was poorly written or contained an error, as they stated they had attached two copies—one for me to return signed and another for my records—but there was only one document.
I wrote them an email attaching the poorly written document and asking why they needed another signature from me. Over the phone, they confirmed that I was right about the document being incorrect. They explained that I didn’t need to send them any confirmation or anything signed and that the paper was for my records. They also told me the transfer would take one month from the moment I sent them the official Finpension document.
Honestly, this wait is frustrating because if I hold out until 12/31/24, they would pay me the 0.8% annual interest, but they plan to send it to me on 12/24. Today, I’m going to the bank to "complain" and review my situation regarding the cancellation of other assets I had already ordered in the past, because, frankly, my trust in them is plummeting. When things only work to the bank’s benefit... sorry, but that’s unacceptable.
I wrote them an email attaching the poorly written document and asking why they needed another signature from me. Over the phone, they confirmed that I was right about the document being incorrect. They explained that I didn’t need to send them any confirmation or anything signed and that the paper was for my records. They also told me the transfer would take one month from the moment I sent them the official Finpension document.
Honestly, this wait is frustrating because if I hold out until 12/31/24, they would pay me the 0.8% annual interest, but they plan to send it to me on 12/24. Today, I’m going to the bank to "complain" and review my situation regarding the cancellation of other assets I had already ordered in the past, because, frankly, my trust in them is plummeting. When things only work to the bank’s benefit... sorry, but that’s unacceptable.
Badomb
New member
They absolutely love to keep your money in their interests, of course. Took my AXA 3a (my mistake!) to move in 5-7 days based on Finpension papers. Their first reaction was they cannot do it (I have a foreign name). But after reminding again, the money were released immediately.
This is not true. It took 2 weeks for my SO moving from AXA 3A to Finpension.
As already stated: banks don't like customers leaving them...
Daniel
Member
Yes, I’m sure about that... I just hope that, as they told me, they pay me the interest percentage generated by my third pillar in their account, which I asked about, and I also hope there are no associated fees—both things they confirmed to me. In a week, I’ll let you know…
As I said, it seems like an absurd way to leave a client dissatisfied, especially when I have my account, my wife’s account, and the family’s accounts with them. Honestly, it seems like they’re looking to lose all a customer’s accounts and generate negative publicity with this supposed month of switching institutions.
As I said, it seems like an absurd way to leave a client dissatisfied, especially when I have my account, my wife’s account, and the family’s accounts with them. Honestly, it seems like they’re looking to lose all a customer’s accounts and generate negative publicity with this supposed month of switching institutions.
We're interested in the outcome, please keep us updated.
That's really a strange way to act, but I wouldn't say it's "Raiffaisen" - instead, I think it's more your agency/agent. I've noticed a huge difference between Zug's UBS (I talked about this in a separate thread) and a little agency in a small village in Aargau: the latter being very helpful, super responsive and quick in replying. Zug was/is bad when it comes to "normal clients" (like I am, not having many millions to give them to administer).
Daniel
Member
I bring you a brief update: the transfer of the money has already been scheduled, and I can see it in my account. My surprise, and what I suspected, is that the interest generated this year has not been added!
I promise you I knew they would do this, which is why I went personally to speak with one of the employees.
With nothing to hide, I have just written an email to them, which I am attaching for you...
--------------------------------------------
Good morning,
I have spoken with you both via email and in person, asking you specific questions that you answered:
1-Are there any costs for transferring the 3a pillar to another institution? Your answer was: "No, none."
2-Will I receive the interest generated by the 3a before the money transfer? (Interest rate: 0.8% per year). (After hearing about the supposed 30-day waiting period – which, as I’ve confirmed, is not the case with other institutions – I didn’t insist further...) Regarding the interest, your answer was a clear: "Obviously, we add it before transferring the money to another institution."
So why are these interests not included in the Auszahlung infolge Übertrag? Do I really need to check if an institution like Raiffeisen is trying to cheat me out of my money?
I expect that before the transfer, the interest generated by my 3a under your custody will be added.
Best regards,
Daniel
I promise you I knew they would do this, which is why I went personally to speak with one of the employees.
With nothing to hide, I have just written an email to them, which I am attaching for you...
--------------------------------------------
Good morning,
I have spoken with you both via email and in person, asking you specific questions that you answered:
1-Are there any costs for transferring the 3a pillar to another institution? Your answer was: "No, none."
2-Will I receive the interest generated by the 3a before the money transfer? (Interest rate: 0.8% per year). (After hearing about the supposed 30-day waiting period – which, as I’ve confirmed, is not the case with other institutions – I didn’t insist further...) Regarding the interest, your answer was a clear: "Obviously, we add it before transferring the money to another institution."
So why are these interests not included in the Auszahlung infolge Übertrag? Do I really need to check if an institution like Raiffeisen is trying to cheat me out of my money?
I expect that before the transfer, the interest generated by my 3a under your custody will be added.
Best regards,
Daniel
For me as a bystander: it was clear to me as well, that the interests wouldn't have been paid out to you. I'm sorry you're going through all this, but happy you're sharing this information as maybe others might incur in the same.
Good job!
One thing: you had everything in written form already weeks ago, right? Not only "by voice"?!
This is the way to go: everything has to be written somewhere. Words are not traceable :-(
Wish you the best in this journey - let us know how it goes!
Daniel
Member
Hello guys, I was sick and didn’t inform you. I contacted them, and their response was that they would include it before the transaction, which was carried out last Friday. Finally, yesterday, Monday, the transfer arrived in my account. Now we wait until Friday, which I believe is the trading day they use.
Happy new year!
Happy new year!
Daniel
Member
One question:
I made my investment in Finnpension mainly in a global product in local currency. Looking at the portfolio, I see U.S. dollars (which is normal and didn't concern me), but also Japanese yen, euros, Canadian dollars, pounds, and others, which together amount to 14-15%, while 74-75% is in U.S. dollars. Reviewing historical data, all these currencies have devalued against the Swiss franc. I'm considering switching to the same product but anchored to CHF. In your experience, what do you think?"
Let me know if you'd like any further adjustments!
Thanks!
I made my investment in Finnpension mainly in a global product in local currency. Looking at the portfolio, I see U.S. dollars (which is normal and didn't concern me), but also Japanese yen, euros, Canadian dollars, pounds, and others, which together amount to 14-15%, while 74-75% is in U.S. dollars. Reviewing historical data, all these currencies have devalued against the Swiss franc. I'm considering switching to the same product but anchored to CHF. In your experience, what do you think?"
Let me know if you'd like any further adjustments!
Thanks!
Generally speaking, it is believed that currency hedging (what you call anchoring) is detrimental to performance in the long term.