In recent weeks, customers of Swiss bank PostFinance who live in Cuba have been receiving unexpected letters. These letters inform them that their bank accounts are being closed. Many customers were surprised and confused by this decision, as they had used the bank for years without any issues. The news has raised concerns among people who depend on these accounts for daily transactions, savings, and international financial activities.
While the bank has not given a clear reason for these closures, it appears to be linked to U.S. sanctions on Cuba. The decision is reportedly based on international financial rules that affect how banks operate. Though PostFinance has not officially stated how many customers are impacted, it seems to be a widespread action.
The Role of U.S. Sanctions on Cuba
One key factor behind this move is the economic pressure from the United States. The U.S. government has long had strict economic restrictions on Cuba, making it difficult for businesses and banks to deal with the island nation. These restrictions became even tougher under U.S. President Donald Trump, who reversed some earlier efforts to ease relations with Cuba.
On January 20, the day he returned to office, Trump revoked a previous decision that had removed Cuba from the U.S. list of state sponsors of terrorism. This change meant that financial institutions worldwide had to be more careful when dealing with Cuba, as they could face penalties from the U.S. government.
Many banks, including PostFinance, are cautious about violating international sanctions. If they continue serving customers in Cuba, they risk facing restrictions or fines themselves. To avoid these risks, banks often choose to cut ties with customers connected to Cuba, even if the customers have done nothing wrong.
PostFinance’s Response and Customer Reactions
PostFinance, which is owned by the Swiss government, has confirmed that some accounts are being closed. However, the bank did not provide specific details, citing bank-client confidentiality rules. It simply stated that each case is reviewed carefully before making a final decision.
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A letter sent to an affected customer explained that the account was closed because their profile did not match the bank’s business policy. This suggests that the bank’s policies have changed over time, possibly due to the evolving international sanctions against Cuba.
Some customers have expressed frustration and disappointment over the decision. Many rely on their Swiss bank accounts for personal and business transactions. Losing access to these accounts makes it difficult to receive money from abroad, pay for goods, or even save for the future. Since Switzerland is known for its strong banking system, many people expected their accounts to remain safe.
The U.S. embassy in Switzerland has not commented on whether American pressure influenced PostFinance’s actions. However, the situation highlights how global financial rules can impact everyday people, even if they are not directly involved in politics or business.
As PostFinance moves forward with closing accounts, customers in Cuba must now look for alternative banking solutions. The decision serves as a reminder that international politics and banking policies are closely connected, often affecting ordinary people in unexpected ways.
