Bankruptcy proceedings against FlowBank

[uranium]

BUBBLEDOUBLE,

I haven`t lost any money because I never had any .
Just waiting for securities !
Securities are not part of the bankruptcy proceedings .

Client custody accounts will also be segregated from the estate and repaid.

Confirmed by FINMA
FINMA opens bankruptcy proceedings against FlowBank SA

A very important lesson to learn here is to keep no money at bank but rather stocks or etfs. If a bank goes bankrupt you can always transfer securities to another bank.

 

[bubbledouble]

A very important lesson to learn here is to keep no money at bank but rather stocks or etfs. If a bank goes bankrupt you can always transfer securities to another bank.

Can you do that from any other bank or must the transfer be initiated by the bank going bankruptcy ?

 

[uranium]

Can you do that from any other bank or must the transfer be initiated by the bank going bankruptcy ?

From any bank to any bank in the world. I think you just have to make sure that the receiver bank has the same securities you want to transfer to them. For example you want to transfer tesla stock from ubs bank to ibkr.
You need to check first if ibkr has tesla stock.

 

[zonqor]

From any bank to any bank in the world. I think you just have to make sure that the receiver bank has the same securities you want to transfer to them.

ISIN number !

https://www.investopedia.com/terms/i/isin.asp

 

[clemens]

So in general there is no risk if you keep your securities at any bank since they can always be transferred if things go wrong?

 

[SCHLOSSFINANZ]

correct. Securities are not party of the liquidators estate.

 

[uranium]

So in general there is no risk if you keep your securities at any bank since they can always be transferred if things go wrong?

This is most valuable lesson we can learn from this thread
Only issue is that it can take let's say up to 3 months to finish..

 

[daniels27]

This is most valuable lesson we can learn from this thread
Only issue is that it can take let's say up to 3 months to finish..

Forced investment. We saw it with BTC on Mt. Gox. Took years but many people will be happy about their forced investment with a 10000% ROI
https://www.tomshardware.com/tech-i...10000-more-valuable-than-when-it-went-missing

 

[uranium]

Forced investment. We saw it with BTC on Mt. Gox. Took years but many people will be happy about their forced investment with a 10000% ROI
https://www.tomshardware.com/tech-i...10000-more-valuable-than-when-it-went-missing

This is irrelevant
How can you compare btc at some exchange to stocks or etfs
A stock or etf price is same at every platform or bank.
So in this case if your ex: tsla stock was worth 200$ at time when your bank went bankrupt, you would still get the appreciation of tsla stock later + dividend
Could someone please confirm if you will get dividends in this case or not?
I assume yes

 

[daniels27]

This is irrelevant
How can you compare btc at some exchange to stocks or etfs
A stock or etf price is same at every platform or bank.
So in this case if your ex: tsla stock was worth 200$ at time when your bank went bankrupt, you would still get the appreciation of tsla stock later + dividend
Could someone please confirm if you will get dividends in this case or not?
I assume yes

Yes, you still get dividends and any appreciation in value of the stock. As with Mt. Gox, you just cannot sell and are forced to remain an investor.

 

[Revoltec]

correct. Securities are not party of the liquidators estate.

I know this is regulated through legislation in Switzerland since 2022 or something like that but is this true for all banks, even in other countries?

 

[SCHLOSSFINANZ]

afaik it is applicable in EU, Switzerland, Liechtenstein, Monaco, Singapore

 

[uplana]

This is most valuable lesson we can learn from this thread
Only issue is that it can take let's say up to 3 months to finish..

okay, if that means you don't loose your money or assets it's everyone can live with it.