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Maintaining UK bank accounts and Credit cards

Maintaining UK bank accounts and Credit cards

Old Feb 6th 2007, 11:50 am
  #31  
 
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by Jerseygirl View Post
I have several accounts with them too. No I think we just had to put it in writing...they have a copy of your signature on record so it shouldn't be a problem. I just have deposit accounts with them and can't say I've had any problems.
I kept my account with Halifax open and use a relatives address in the UK I had a nightmare with them recently, they had sent a letter to my old address that was returned to them, they then put a hold on my account and when I called they told me it would only be taken off if I went into a branch with proof of ID, eventually got it sorted out but took me 3 calls to do so.
Maybe would be a good idea to have a parent added onto the account so they could go in for you if you have any problems.
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Old Feb 6th 2007, 12:30 pm
  #32  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by Elvira View Post
No issues - other than keep both your bank account and the credit cards active (i.e. use them every now and again), so they don't 'die' through non-use....
Does anyone have any proof of this?

When we moved, I informed NatWest of our US address and also gave my parents power of attorney over our accounts. NatWest send us a quarterly statement if there is no account activity, or a monthly statement in months when there's a transaction on our accounts.

We've been here nearly 4 years now, and in that time neither my wife nor I have used our NatWest credit cards, but they both still show to be active on the NatWest online banking site. Since NatWest hasn't sent me anything to say that the cards are "dead through non-use", I'm guessing that Elvira is... guessing.
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Old Feb 6th 2007, 12:33 pm
  #33  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by dbj1000 View Post
Does anyone have any proof of this?
When we moved, I informed NatWest of the NatWest online banking site. Since NatWest hasn't sent me anything to say that the cards are "dead through non-use", I'm guessing that Elvira is... guessing.
One of my UK was cancelled because of non-use.... can't remember which one..and another which was MBNA I had to pay a small annual fee to keep it active ..
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Old Feb 6th 2007, 12:34 pm
  #34  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by dbj1000 View Post
Does anyone have any proof of this?

When we moved, I informed NatWest of our US address and also gave my parents power of attorney over our accounts. NatWest send us a quarterly statement if there is no account activity, or a monthly statement in months when there's a transaction on our accounts.

We've been here nearly 4 years now, and in that time neither my wife nor I have used our NatWest credit cards, but they both still show to be active on the NatWest online banking site. Since NatWest hasn't sent me anything to say that the cards are "dead through non-use", I'm guessing that Elvira is... guessing.
Yes my Nat West card was cancelled after approx. 5yrs of inactivity...I just called them and it was re-instated.
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Old Feb 6th 2007, 2:45 pm
  #35  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by dbj1000 View Post
Does anyone have any proof of this?

When we moved, I informed NatWest of our US address and also gave my parents power of attorney over our accounts. NatWest send us a quarterly statement if there is no account activity, or a monthly statement in months when there's a transaction on our accounts.

We've been here nearly 4 years now, and in that time neither my wife nor I have used our NatWest credit cards, but they both still show to be active on the NatWest online banking site. Since NatWest hasn't sent me anything to say that the cards are "dead through non-use", I'm guessing that Elvira is... guessing.
barclaycard stopped mine through non use - no big loss as they have become very uncompetative.

While some financial insitutions are happy to keep accounts open if you move, some are not - especially if you you have loans or cards. If you stop paying them back then it is difficult for them to enforce the debt. I never told anyone and the statements etc get redirected in the mail.
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Old Feb 6th 2007, 2:51 pm
  #36  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by dbj1000 View Post
Does anyone have any proof of this?

.............I'm guessing that Elvira is... guessing.
No, darling, I am not

I kept one of my bank accounts registered at my old address but did not use it for a few years. When the debit card came up for renewal, they sent me a cashcard instead. When I called to enquire I was told that my account had been downgraded to a 'basic' account due to inactivity.

A basic account is as good to me as no account as you can do F-All with it.
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Old Feb 6th 2007, 3:28 pm
  #37  
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Default Re: Maintaining UK bank accounts and Credit cards

One thing many of us should probably consider that I haven't seen discussed here is death duty. If the Inland Revenue can show domicile in the UK they will try to claim taxes from your estate. UK bank accounts, credit cards, cell phones etc have apparently all been used in the past as a way to show this.

I gather that the tax treaty doesn't cover death duty so you could be leaving your heirs less than you think if you leave accounts in the UK.

Disclaimer - This was pointed out to me by a mixed marriage (USC/UKC) friend who works in this field but I haven't done anything with the knowledge yet so I'm very hazy on the details - if anyone knows more I'd be very interested to hear it.
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Old Feb 6th 2007, 3:33 pm
  #38  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by Philgr View Post
One thing many of us should probably consider that I haven't seen discussed here is death duty. If the Inland Revenue can show domicile in the UK they will try to claim taxes from your estate. UK bank accounts, credit cards, cell phones etc have apparently all been used in the past as a way to show this.

I gather that the tax treaty doesn't cover death duty so you could be leaving your heirs less than you think if you leave accounts in the UK.

Disclaimer - This was pointed out to me by a mixed marriage (USC/UKC) friend who works in this field but I haven't done anything with the knowledge yet so I'm very hazy on the details - if anyone knows more I'd be very interested to hear it.
I can probably cope without the death duty dosh when I'm dead, but I'd have some difficulty managing without UK accounts while I'm alive...
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Old Feb 6th 2007, 4:08 pm
  #39  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by dbj1000 View Post
Does anyone have any proof of this?
depends on the bank...HSBC want activity every quarterly, so I've a deposit bouncing around, either that or it's something like £5 fee.
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Old Feb 6th 2007, 8:33 pm
  #40  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by BigDavyG View Post
Personally I wouldn't go down that route if I were you - use your mum's addy - much less hassle.
The company in question was Egg - I regularly took advantage of their balance transfer offers - then after about 9 months of only US transactions they called my mum and dad's house to ask where I lived.
I went ballistic and phoned them back to ask what was going on. They said that they suspected that I was no longer a UK resident and were putting a bar on the account until I returned. I told them to stick their bar up their proverbial and paid the account off then and their.
Had no such probs with 2 other UK cards.
I've not had a problem with Egg, but I suspect I have used my card a couple of times a year either in the UK, or for ordering from amazon uk (but delivering to the US). Actually, there have been a few times when I haven't used my card for a while (probably 6 months or so) and they've sent me an email that if I use it to make purchases of £50 or more in the next month and they'll give me £10 credit so I've taken advantage of that. The only time my parents got a call was when I hadn't used it for a while and then used it in Prague - my dad told them that I was in Prague at the time and that was that. It might help that I have a few grand in an Egg savings account too.
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Old Feb 7th 2007, 1:52 am
  #41  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by Philgr View Post
One thing many of us should probably consider that I haven't seen discussed here is death duty. If the Inland Revenue can show domicile in the UK they will try to claim taxes from your estate. UK bank accounts, credit cards, cell phones etc have apparently all been used in the past as a way to show this.

I gather that the tax treaty doesn't cover death duty so you could be leaving your heirs less than you think if you leave accounts in the UK.

Disclaimer - This was pointed out to me by a mixed marriage (USC/UKC) friend who works in this field but I haven't done anything with the knowledge yet so I'm very hazy on the details - if anyone knows more I'd be very interested to hear it.
If the main assets are not in the UK and the will is not probated in the UK, how on earth will the Inland Revenue even know about the estate, let alone enforce United Kingdom laws in a foreign jurisdiction?

One work-around is to move sterling accounts to banks in the Isle of Man or Channel Islands.

In any case, retention of a bank account in the United Kingdom does not necessarily preclude acquisition of a foreign domicile. And as noted, even if the Inland Revenue could "win" that argument it's not at all clear how the Inland Revenue would have any basis to tax a foreign-located estate without the co-operation of the local authorities.

Last edited by JAJ; Feb 7th 2007 at 1:56 am.
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Old Feb 7th 2007, 7:09 pm
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by ScottMc View Post
Hi All,

I'm finally moving over to join my wife and so the real business of sorting things out is beginning.

I want to keep our UK accounts open and also our credit cards just in case we have to come back anytime soon. I can change my address to my Mum's but was wondering if there are any issues with this?

Are there any tips you could give us?

Thanks,

Scott
Hi there,

I gave my UK bank and UK credit card companies my US address and there isn't a problem. The credit card companies even send an "international" repayment envelope with their statements.

Cheers

Brync
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Old Feb 7th 2007, 7:33 pm
  #43  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by JAJ View Post
If the main assets are not in the UK and the will is not probated in the UK, how on earth will the Inland Revenue even know about the estate, let alone enforce United Kingdom laws in a foreign jurisdiction?
No idea - as I said, my friend, who is a City banker and has looked into this for his own situation, says there is case law on it and a slight danger that it can happen. He advised taking the UKC off our UK accounts and just holding them in the name of the USC. Domicile is certainly not unitary in the eyes of the IR - so proving domicile somewhere else isn't the same as proving you are (were) not domiciled in the UK.
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Old Feb 7th 2007, 11:40 pm
  #44  
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Default Re: Maintaining UK bank accounts and Credit cards

Like most have already replied, no issues. Just keep them informed of your address.

I even took out a UK loan with my Credit Card company (a little debt while waiting for my EAD then GC) while in the US. As long as you have accounts through them, it's not a problem.
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Old Feb 7th 2007, 11:46 pm
  #45  
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Default Re: Maintaining UK bank accounts and Credit cards

Originally Posted by rincewind View Post
Like most have already replied, no issues. Just keep them informed of your address.

I even took out a UK loan with my Credit Card company (a little debt while waiting for my EAD then GC) while in the US. As long as you have accounts through them, it's not a problem.
We still have a hefty overdraft facility with our bank...never used it but it's still available.
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