Let’s say for a second that you have a crazy uncle named Ted. Ted has recently cleared out a bank account with UBS and now wants to give it to you. Keep in mind it has zero dollars or Euros in it. Would you want it? Probably not and why would you. Lord only knows what old Ted did within that bank account or if he has a debit card still attached to it. Plus, the bank just called, and you are going to need to produce the same background information to take over that account as if you are opening a new one. It doesn’t make much business sense does it?
Why then would you consider buying a vintage company with an existing account previously owned by a total stranger? Again, it doesn’t make much business sense does it? Ahh, but that is exactly what is being sold on the internet. Plus, for this privilege and a few others of dubious value you will get to pay five to six times the real market value often totally $600,000 or more.
The exiting bank account pitch, especially when it comes to traditional Swiss Trust Companies, is nothing more than a sales gimmick with no real value. If you go that direction you will pay dearly for it.
