Credit Suisse no longer accepts new US customers

As of March 2023, Credit Suisse ceased operations in the United States and was acquired by UBS. The bank is no longer open to new account holders of any kind, including US citizens. If you held an existing Credit Suisse account before the acquisition, UBS automatically transferred your account and you should have received notification about how to access it through UBS's systems.

If you are looking for a checking account now, Credit Suisse is not an option. The sections below explain what happened and what your alternatives are.

Key Takeaways

  • Credit Suisse stopped accepting new customers in March 2023 and was acquired by UBS, making it unavailable for new account openings.
  • Existing Credit Suisse account holders had their accounts automatically transferred to UBS, and UBS sent notification letters about the transition.
  • US citizens can open checking accounts at thousands of other banks and credit unions that actively welcome new customers.
  • If you had a Credit Suisse account before the acquisition, contact UBS directly to confirm your account status and access your funds.

What happened to Credit Suisse in the US

Credit Suisse's US operations failed in March 2023 due to financial instability. The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the US Department of the Treasury arranged for UBS to acquire Credit Suisse's US assets and liabilities. This meant that UBS took over Credit Suisse's US banking operations, including all customer accounts.

The acquisition was structured so that customer deposits were protected and transferred automatically. If you had money in a Credit Suisse checking account, savings account, or other deposit product, that money moved to UBS. You did not need to do anything to protect your funds—the transfer happened automatically.

If you had an existing Credit Suisse account

When UBS took over Credit Suisse's US operations, existing account holders received letters explaining the transition. These letters included information about how to access your account through UBS's online banking system and what your new account details were.

If you had a Credit Suisse account and are unsure whether it transferred to UBS, contact UBS directly at 1-888-998-0151 (the number for former Credit Suisse customers). Have your Social Security number and any old Credit Suisse account information ready. UBS can confirm whether your account exists in their system and help you regain access if you have forgotten your login credentials.

Your deposits are insured by the FDIC up to $250,000 per account type at the same institution. If you had more than $250,000 in a single account type at Credit Suisse, the amount over $250,000 was still protected under special rules that applied during the transition period.

Where US citizens can open checking accounts now

Thousands of banks and credit unions actively accept new checking account applications from US citizens. The main categories are traditional banks (like Bank of America, Wells Fargo, Chase), online-only banks (like Ally, Charles Schwab, Discover), and credit unions (which are member-owned and often have lower fees).

To open a checking account at any of these institutions, you will need a government-issued ID, proof of address (usually a recent utility bill or lease), and your Social Security number. Most banks let you start the process online and fund the account within a few days. Some credit unions require you to live or work in a specific geographic area or belong to a particular employer or organization, so check membership requirements before you explore.

If you are looking for features similar to what Credit Suisse offered—such as international banking, investment services, or accounts for high net worth individuals—you may want to explore private banking divisions at larger institutions like JPMorgan Chase, Bank of America, or Merrill Edge, or consider wealth management firms that offer banking services.

Understanding the FDIC protection that applies to your new account

When you open a checking account at a bank, your deposits are insured by the FDIC up to $250,000. This means if the bank fails, the FDIC will reimburse you for your deposits up to that limit. The $250,000 limit applies per depositor, per bank, per account type. If you have a checking account and a savings account at the same bank, each is insured separately up to $250,000.

Credit unions use a similar system through the National Credit Union Administration (NCUA), which insures deposits up to $250,000 per member, per credit union, per account type. The protection works the same way as FDIC insurance.

What to do if you cannot access your former Credit Suisse account

If you had a Credit Suisse account before the acquisition and cannot log in or access your funds through UBS, contact UBS's customer service line for former Credit Suisse customers at 1-888-998-0151. Have your account number (if you have it) and your Social Security number ready.

If you believe your account was not transferred or your funds are missing, you can file a complaint with the FDIC's Consumer Complaint Center at fdic.gov/about/contact/consumer-complaint-center. The FDIC can investigate what happened to your account during the transition. Keep any documentation you have from Credit Suisse, such as statements or account confirmation letters.

Frequently Asked Questions

Did I lose money when Credit Suisse was acquired by UBS?

No. Your deposits were automatically transferred to UBS and remain insured by the FDIC up to $250,000. If you had less than $250,000 in your account, all your money is protected. If you had more, the amount over $250,000 was covered under special FDIC rules that applied during the transition.

Can I still use my old Credit Suisse debit card?

No. Credit Suisse debit cards were deactivated when the acquisition closed. UBS issued new debit cards to former Credit Suisse customers. If you have not received a new card, contact UBS at 1-888-998-0151 to request one.

What if I had investments or a brokerage account at Credit Suisse?

Investment and brokerage accounts were handled separately from deposit accounts during the acquisition. Contact UBS directly to confirm the status of any investment accounts you held. UBS can explain what happened to your securities and how to access them.

How long does it take to open a checking account at another bank?

Most banks can open a checking account online in 10 to 15 minutes, and you can fund it when ready with a transfer from another account. Some banks mail a debit card, which arrives within 5 to 10 business days. You can usually start using your account and making transfers before the physical card arrives.