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Joint Account problem in UK

Joint Account problem in UK

Old Jul 12th 2004, 9:13 pm
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Default 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 ?
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Old Jul 13th 2004, 12:38 am
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Default 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 had this happen to me, in the sense the bank account wanted more evidence of identity. I supplied a photocopy of my passport and that was the end of it. I was changing my address though, not quite same situation as you.

I just phoned them up and asked them what they needed.

Sam.
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Old Jul 13th 2004, 5:34 am
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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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Old Jul 13th 2004, 12:20 pm
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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...
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 ?
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Old Jul 13th 2004, 2:06 pm
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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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Old Jul 13th 2004, 2:09 pm
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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 ?
Abbey National has an offshore bank on the Isle of Man.
I looked into opening one awhile ago.

Do a google on it.
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Old Jul 13th 2004, 9:12 pm
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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.
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Old Jul 14th 2004, 4:10 am
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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 ?
Basically they are banks in the Isle of Man or Channel Islands set up outside the UK tax regime (and banking regulatory and compnesation systems). Interest is paid gross, and it is the recipients responsibility to declare it to whatever authorities may be interested. If you are non-UK resident, you shouldn't be taxed on it in the Uk (check with your tax adviser for qualifications on being non-resident, and also how to handle if you are returning to the UK), but if you are liable to US tax, the IRS will still want to get their stickies on it...

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.
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Old Jul 14th 2004, 5:30 am
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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.
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Old Jul 15th 2004, 4:19 am
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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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