Credit Suisse no longer accepts new US checking accounts

As of 2023, Credit Suisse stopped opening new checking accounts for US citizens and residents. The bank was acquired by UBS in March 2023 as part of a government-brokered emergency merger, and UBS has not reopened Credit Suisse's US retail banking operations to new customers. If you held a Credit Suisse checking account before the acquisition, UBS has been managing those accounts, but you cannot open a new one.

This closure affects both individual US citizens and US-based businesses. Credit Suisse's US operations were already limited compared to its international presence, so the bank was never a mainstream option for most Americans. The merger accelerated an existing trend toward consolidation in Swiss banking.

If you were looking at Credit Suisse specifically because of its reputation, international reach, or particular features, you will need to look at other banks that do serve US customers. The alternatives depend on what you actually need from a checking account.

Key Takeaways

  • Credit Suisse stopped accepting new US checking account customers in 2023 after being acquired by UBS.
  • Existing Credit Suisse account holders in the US had their accounts transferred to UBS, but new accounts are not available.
  • If you need international banking services, banks like HSBC, Citibank, and Bank of America offer checking accounts to US citizens with global reach.
  • If you need a basic checking account, most US banks and credit unions will open one for you with an initial deposit and proof of identity.

What happened to Credit Suisse US operations

Credit Suisse's US retail banking footprint was never large. The bank operated primarily through its investment banking and wealth management divisions, serving high-net-worth clients and institutional customers rather than everyday depositors. When UBS took over in March 2023, it inherited Credit Suisse's US customer base but did not commit to expanding retail banking services.

UBS has stated that it will continue to serve existing Credit Suisse customers in the US, but it has not opened Credit Suisse's checking account products to new applicants. If you held a Credit Suisse account before the merger, contact UBS directly to understand what options you have for your account going forward. UBS's contact information for former Credit Suisse customers is available on the UBS website.

Banks that do offer checking accounts to US citizens

If you need a checking account with international capabilities or a strong global presence, several banks will open accounts for US citizens. HSBC operates in the US and offers checking accounts to US residents; it also has branches in over 60 countries. Citibank offers checking accounts and has a significant international network. Bank of America and Wells Fargo both offer checking accounts and have international services, though these are primarily for existing customers or those with substantial deposits.

For a basic checking account with no international requirements, nearly every US bank and credit union will open one. You will typically need a government-issued ID, proof of address (a recent utility bill or lease), and an initial deposit. The deposit amount varies by bank, from $0 to $300 depending on the institution.

If you specifically need Swiss banking services or a Swiss bank account, you may need to work with a wealth management firm or private banking service rather than a retail bank. These services typically require a minimum deposit of $250,000 or more and are not the same as a standard checking account.

Why you might have been looking at Credit Suisse

Credit Suisse's reputation in international finance made it attractive to people who conduct business across borders, hold assets in multiple currencies, or want banking services in Switzerland. The bank's wealth management division was well-known, and some customers valued the Swiss banking tradition and privacy practices.

If you were interested in Credit Suisse for international transactions, look for banks that offer multi-currency checking, wire transfer services, and international branch access. HSBC and Citibank both offer these features. If you were interested in Swiss banking specifically, you may need to contact a Swiss bank directly or work with a financial advisor who specializes in international accounts.

How to open a checking account at another bank

The process is straightforward at most US banks. Visit the bank's website or a local branch and select "open a checking account." You will be asked for your Social Security number, date of birth, current address, and employment information. Have a government-issued ID ready (driver's license or passport) and proof of address.

Most banks can open an account online in 10 to 15 minutes. You will receive account details immediately and can begin using the account within one to three business days. Some banks offer a welcome bonus for new checking accounts, typically $100 to $300, though these come with conditions like maintaining a minimum balance or setting up direct deposit.

If you have had banking problems in the past, the bank may check ChexSystems, a banking history database. If you are flagged, you may be denied or asked to provide more information. You can request your ChexSystems report for free once per year at www.chexsystems.com.

What to do if you had a Credit Suisse account

If you held a Credit Suisse checking account before the UBS merger, your account was automatically transferred to UBS. You should have received notification from UBS about the transition. Your account number, routing number, and access to online banking may have changed, so check your statements and update any automatic payments or direct deposits.

Contact UBS directly if you have questions about your transferred account. You can reach UBS's customer service line or visit a UBS branch. If you want to move your account to a different bank, you can do so at any time. Ask your new bank to initiate an ACH transfer, or withdraw your funds and deposit them yourself.

Frequently Asked Questions

Can I still access my Credit Suisse account?

If you had an account before the UBS merger in March 2023, yes. UBS took over those accounts and continues to manage them. Log in using your existing credentials or contact UBS if you have trouble accessing your account. If you did not have an account before the merger, you cannot open a new Credit Suisse account.

Do I need a minimum deposit to open a checking account at another bank?

It depends on the bank. Some banks like Ally and Charles Schwab offer checking accounts with no minimum deposit. Others require $25 to $300 to open. Check the bank's website or call ahead to confirm the requirement before you visit or apply online.

Will my Credit Suisse debit card still work?

If your account was transferred to UBS, your debit card should continue to work, though UBS may issue you a new card with a UBS logo. Check your mail for a new card or contact UBS to request one. Do not discard your old card until you receive the replacement.

Can I open a checking account online if I am a US citizen living abroad?

Most US banks require you to have a US address to open an account online. If you live abroad, you may need to visit a US bank branch in person, work with a bank that serves expats, or use an online bank that does not require a physical US address. Some banks like HSBC and Citibank have processes for expats, but requirements vary.

What if I need banking services in Switzerland?

Swiss banks typically do not open retail checking accounts for US citizens due to tax reporting requirements and regulatory complexity. If you need Swiss banking services, contact a wealth management firm or private bank that specializes in US clients. Expect to work with a financial advisor and maintain a substantial minimum balance, often $250,000 or more.