Joint Account problem in UK
I let my UK Bank Accounts lapse some time ago. All I have now is a couple of Building Society accounts with a small society which does not have online banking.
A couple of weeks ago, whilst in the UK visiting my Mother, we went to her Co-Op Bank to add me to her account. They accepted the application form no problem. She now tells me that she has been told by the Bank that due to new "Money Laundering" regulations (last year ?) they cannot add me to her account as I do not have a UK address or Utility Bills. I do have a UK driving licence with her address on it. Does anyone have useful input on this ? I was trying a: to re-establish a UK account and b: enable me to pay my Mother's bills if she was hospitalised. Anyone know anything about offshore accounts or US Bank sterling accounts ? |
Re: Joint Account problem in UK
Originally posted by TRPardoe I let my UK Bank Accounts lapse some time ago. All I have now is a couple of Building Society accounts with a small society which does not have online banking. A couple of weeks ago, whilst in the UK visiting my Mother, we went to her Co-Op Bank to add me to her account. They accepted the application form no problem. She now tells me that she has been told by the Bank that due to new "Money Laundering" regulations (last year ?) they cannot add me to her account as I do not have a UK address or Utility Bills. I do have a UK driving licence with her address on it. Does anyone have useful input on this ? I was trying a: to re-establish a UK account and b: enable me to pay my Mother's bills if she was hospitalised. Anyone know anything about offshore accounts or US Bank sterling accounts ? I just phoned them up and asked them what they needed. Sam. |
I've not opened an onshore account since being overseas, but have opened offshore accounts - they generally want a couple of 'official' documents 'proving' identity such as utility bills etc (cos money launderers would never think of putting a utility account in a false name, now would they!) They've never worried about what country its in, as long as they all tally. Would have thought Co-op would be the same, unless they have a residency rule? Worth giving em a call to talk it through...
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Originally posted by Yorkieabroad I've not opened an onshore account since being overseas, but have opened offshore accounts - they generally want a couple of 'official' documents 'proving' identity such as utility bills etc (cos money launderers would never think of putting a utility account in a false name, now would they!) They've never worried about what country its in, as long as they all tally. Would have thought Co-op would be the same, unless they have a residency rule? Worth giving em a call to talk it through... How does that affect you with the IRS ? Is there a minimum you need to deposit or maintain ? Can you recommend any Banks ? |
Try citibank.co.uk. I opened sterling and dollar accounts with them (admittedly before I left the UK). They know I am resident in the US and mail everything to my US address from the UK.
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Originally posted by TRPardoe So what's involved in an Offshore account ? How does that affect you with the IRS ? Is there a minimum you need to deposit or maintain ? Can you recommend any Banks ? I looked into opening one awhile ago. Do a google on it. |
Surprised they were not clear up front, not sure when these requirements came into force, but more than a year ago. I am sure that I have seen leaflets in branches describing what is needed.
If you look on their web sites you will see the requirements, assuming we all have a passport then a Driving License, new type, will be the only other thing you need. |
Originally posted by TRPardoe So what's involved in an Offshore account ? How does that affect you with the IRS ? Is there a minimum you need to deposit or maintain ? Can you recommend any Banks ? All the accounts are different on minimum balances, interest rates, notice periods etc. Most of the UK high street names have an offshore entity - Abbey Nat, Nationwide, HSBC, B&B, C&G etc etc. Best bet is to check their websites, or one of the internaitonal UK papers - if you can get hold of them, the Weekly Telegraph and Express normally have a bunch of adverts, as well as some comparison interest rate tables. |
http://www.northernrock-guernsey.co.gg/index.htm
for example But the Gros rates are not as good as the onshore rates si it all depends on your circumstances. I think you can offset UK paid tax against any tax you need to pay in US. Assuming you tell them. |
Wow - those rates are truly crap from Northern Rock - we closed our account there a couple of years ago because their rates were poor, but when we opened it a couple of years prior to that, they were the best! Shows the value of shopping around and keeping an eye on things!
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