Expat Community > Hungary

ibogardi
Joined 2015
Posts: 3

denial of US bank service

9 years ago

This message is to inform you, seek your advice and possible information in a matter that is totally unjustified and unfair for us, and that makes us in a desperate situation.

I am Istvan Bogardi, professor emeritus at University of Nebraska, Lincoln NE. I had 25 year tenure with the Department of Civil Engineering, from where I retired in 2008. I have stayed active in research both at home and abroad.

Both my wife and I are American citizens. For some 15 years a single financial institution, UBS Financial Services Inc. in Lincoln has managed all our assets including TIAA-CREF issues, 401(k), pension funds, life insurance, you name it. For a few years, as a UNL professor, I have been involved in EU flood control and water supply projects. To facilitate this activity we have at this time a residence in Hungary, a NATO and EU member country.

Yesterday, April 2, I received, without any previous sign, a “Notice of closure of your account” by an e-mail from UBS with the following:

“From time to time, UBS Financial Services Inc. ("UBS") reviews the locations in which it conducts business. Following recent discussions, UBS has made a decision to cease servicing wealth management clients domiciled in Hungary. As a result of this decision, we will be closing your account(s) with us.”

I believe this action is entirely unwarranted and discriminating. As US taxpayers we have practiced our election rights in Nebraska, and proudly represented our US citizenship privately and professionally.

I am 78 years old, spiritually healthy, but, naturally, physically getting old. To start a new system of our financial management would put me a very difficult position.

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