petitefrancaise

Both OH and I have both received letters asking for proof of id (certified) and address from HSBC. They've said it's part of tightening security even though we have been clients of theirs for about 20 years.
Just curious to see if anyone else has had anything from them recently about this.

mrken30

Is this for US or UK accounts? I haven't had any requests for ID from my UK account. Just the request that I need to put in 500 GBP /month

petitefrancaise

Uk account.

mrken30

I have an "HSBC Bank Account" that they want to convert to an "HSBC Current Account". I don't know if the account type makes any difference. The last time I made changes on my account was in 2011 when I added another signatory. They may have updated my details then.

yellowroom

Yes, I'm with firstdirect (subsidiary of HSBC) and they keep bothering me to explain my "US connection". My circumstances obviously don't fit in their tick boxes and the computer keeps writing to me for more information.

tonrob

I haven't heard from them yet. Banked with them for 26 years (and employed by them for a while). Still use my accounts from inside the UK at least monthly (I travel back to the UK a lot) so don't know if that makes a difference - although my address is in the US so don't know why it would.

theOAP

Ignoring any request from HSBC, First Direct, or M&S(?) relating to FATCA, CRS, or the EU Saving Directive is not a wise choice. At best, the account holder may be classified as recalcitrant.

mrken30

HSBC also has my US address, not sure if that makes a difference.

ottotheboar

I have heard nothing from them and use the UK account on a regular basis.The only restriction now is the amount of cash which can be paid in which is around 2500 UKP

mrken30

I that an "HSBC Current Account". Their "Bank account" requires £500 to be paid in every month

Pulaski

But you moved to the US less than two years ago, and have lived in at least three countries in the past twenty years.

Also the identification standards have tightened immeasurably since you first banked with HSBC.
Does that actually mean anything?

theOAP

You're right, I made it up. And then the IRS liked the word, so they made it the law. (Not necessarily a true story.)

Under the Model 1 IGAs, any account holder who doesn't respond to a query about 'US Person' indicia (I didn't make up that word), won't have their account closed, but only reported, via HMRC in the UK, to the IRS. It means the banks aren't required to close the account, even though Congress intended for the accounts to be closed under the Act. They're known as 'recalcitrant' account holders. Honest. Trust me, I'm an American.

And, I've also had to hand deliver a W-9 to my local HSBC branch. HSBC will not allow those resident in the UK to mail in either a W-8 or W-9. And, you have to sign an statement saying everything you've given the bank is true and accurate.

FinnDiego

This was their requirement for non-residents too. As if I'm going to a trip to the UK to give them a form telling them I live in the US... So far asking for alternatives only got me "we'll get back to you". HSBC Canada on the other hand was happy with a scanned W-9.

I also got a request for W-9 from my Finnish bank, so they seem to be waking up too. Looks like I can give them the details through online banking.

All this reminds me I should close some of my zeroed-out accounts before the end of this year to make my 2016 tax returns a bit simpler...

mrken30

I seem to vaguely remember sending something to HSBC to allow me to fax in forms instead of mailing. That may have been just for authorizing transactions. I have never been asked to send anything. They have been mailing my statements to the US for the past 7 years without a problem.

theOAP

For anyone who may be reading this as a UK citizen resident in the UK - be sure HSBC has your primary citizenship as 'British' and any other citizenship (or US Personage) as secondary. The safe harbour proposal might come into being. It has an extremely slim possibility, but who knows. As for those not resident in the UK, tough luck.

For those resident in the US with a UK account - remember, you are the prime individual the FATCA legislation was designed to ferret out. Be sure everything is declared, including Part III of Schedule B, and you've made sure HSBC is aware of your 'US Personage'.