However, no criminal charges could be placed so there was no threat of imprisonment for the banker who divulged information. The law was enacted in large part because both Germany and France attempted to press Swiss banks into divulging depositor information in the name of the “good of the state.” bad credit loans guaranteed approval stated that bank secrecy fell within the criminal domain, meaning any banker who divulged bank client information was punishable by imprisonment. Until the turn of the century, provisions of the Swiss civil code and labor code provided a legal framework that supported bank secrecy. Bank Austria was the intermediate parent company of UniCredit Bank Slovenia, which UniCredit Group acquired Bank Austria’s parent company HypoVereinsbank in 2005 (in turn acquired Bank Austria and Bank Austria Creditanstalt d.d.

The regional banks help to promote the cooperative model locally through a variety of initiatives, such as the Perspectives Mutualistes conference series (Pau in 2006, Angers in 2007, Reims in 2008, Orléans in 2009), and by issuing special bank cards for stakeholders. Many private banks require a special invitation or referral by current customers. While many retail banks also offer investment services, they’re not on the level of those offered by private banks. When banking with a retail bank, customers work with local branches of larger commercial banks. The FDIC publishes a guide which sets forth the general characteristics of FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance.

Bank secrecy was regulated solely by civil law, enabling clients to lodge complaints for damages against any bank that didn’t maintain confidentiality. The Great Council of Geneva, in 1713, established regulations that required bankers to keep registers of their clients but prohibited them from sharing the information with anyone except the client-unless the City Council agreed with the need to divulge information. Also, if your spouse wants to roll your retirement funds into his or her own IRA, he or she will have to pay income tax on the rollover. The services you will receive at a private bank focus on private counseling in aspects of wealth management including investments, tax concerns, and estate planning.