Closed UK accounts & FATCA
#1
Forum Regular
Thread Starter
Joined: Jun 2011
Posts: 69
Closed UK accounts & FATCA
I closed one UK bank account in December 2017 and the other this April. I now have no money and no accounts in the UK. The UK bank has now sent me a letter asking me to send them a W-9 form and a signed declaration. I called the customer service line and was told I should ignore the letter as my accounts are now closed. I do not know if this is correct especially as customer service people usually have no clue. They don't seem to update or share information between departments and I have not received a letter confirming my account closures despite me asking several times for one. They just tell me yes, accounts are all closed and ignore any further letters. Does anyone know if I would still have to send a W-9? I just want to be sure I am doing what is legally required and then be done with it all once and for all. I will have to file one more F-BAR next year and then that is it!
#2
BE Enthusiast
Joined: Nov 2012
Posts: 899
Re: Closed UK accounts & FATCA
You will be reported on whether you reply or not. You may ignore the FATCA letter.
#3
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
Re: Closed UK accounts & FATCA
I agree, the bank will report your account balances whether or not you send in a W9. You are not breaking any law by not sending the bank a W9 and since you no longer have any accounts with them they can't exactly punish you.
#4
BE Forum Addict
Joined: Oct 2007
Location: Charlotte,NC
Posts: 1,717
Re: Closed UK accounts & FATCA
Yes closed accounts are reportable in the year that they are closed so both accounts will/may be reported for year 2017 and only the second one for 2018. Bear in mind that the threshold for FATCA is $50k so they may not even bother reporting the account if under $50k but they are trying to make all accounts compliant for audit. Filing deadline for the FI is May 31.
#5
Forum Regular
Thread Starter
Joined: Jun 2011
Posts: 69
Re: Closed UK accounts & FATCA
Thank you for your replies. I just read that closed accounts are reportable and red-flagged if FATCA letter ignored so I just sent the W-9 to my last local UK branch.