Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Closed UK accounts & FATCA

Closed UK accounts & FATCA

Old May 17th 2018, 5:36 am
  #1  
Forum Regular
Thread Starter
 
Joined: Jun 2011
Posts: 69
Faery is an unknown quantity at this point
Default 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!
Faery is offline  
Old May 17th 2018, 7:56 am
  #2  
BE Enthusiast
 
Joined: Nov 2012
Posts: 899
Cook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond reputeCook_County has a reputation beyond repute
Default Re: Closed UK accounts & FATCA

You will be reported on whether you reply or not. You may ignore the FATCA letter.
Cook_County is offline  
Old May 18th 2018, 9:23 am
  #3  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Closed UK accounts & FATCA

Originally Posted by Cook_County
You will be reported on whether you reply or not. You may ignore the FATCA letter.
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.
durham_lad is offline  
Old May 18th 2018, 1:47 pm
  #4  
BE Forum Addict
 
Joined: Oct 2007
Location: Charlotte,NC
Posts: 1,717
Orangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond reputeOrangepants has a reputation beyond repute
Default 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.
Orangepants is offline  
Old May 21st 2018, 3:36 am
  #5  
Forum Regular
Thread Starter
 
Joined: Jun 2011
Posts: 69
Faery is an unknown quantity at this point
Default 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.
Faery is offline  
Old May 21st 2018, 7:29 am
  #6  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Closed UK accounts & FATCA

Originally Posted by Faery
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.
Your peace of mind is well worth the cost of the postage.
durham_lad is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.