KarenLB

So is it safe to open an account ... transfer the funds (which will include the proceeds for the sale of my house) into that account and then just keep it there (not transferring to spouses account)?

RICH

I wasn't suggesting you should not transfer it wherever you like, just that it will be noted. They might ask a few questions, might hold it up, is all. If you let them know in advance, even smoother.

KarenLB

Thanks Rich

Steve_

Some banks won't do it without an SSN or an ITIN, because they need it for the W-9 or W-8BEN. You can do a W-8BEN without either number but I had this problem many years ago with a bank that no longer exists (NCNB), they refused to do it until I provided the number.

Some banks won't do the non-resident alien paperwork either, especially the ones that are primarily on-line because of the "in person" provisions of the PATRIOT Act.

Given the hassle of opening a bank account and then changing all the details, I'd wait until you get an SSN, if you can.

CAdreaming

Chase was fine - I did it straight away - just my UK passport - no issues at all - they were great

Steve_

Chase and Bank of America will do it, however another reason I would not recommend it is because then they kick the paperwork back to their "alien dept." and also they often get the info on the W-8BEN wrong imx which can cause problems with the IRS.

I could seriously sit here all day going on about bank problems I've had in the US because I'm a non-resident alien, it just goes on endlessly.

One problem I have ALL THE TIME is that the banking regulations say that if you have an account with institution X, you are no longer a "new customer" and so are exempt from the "in person" provisions (i.e. you have to appear in person to open the account). But find a bank that will do it. "Oh just go to your local branch." I'm a non-resident alien. By definition I have no local branch, you moron. Every time I want to open a CD or something stupidly easy like that.

And I HAVE an SSN.

GeoffM

Can't say I found it a hassle. Opening the account without the SSN was fine, it took a while but that was mostly because she talked too much. When I got the SSN it took a 2 minute phone call and it was sorted. YMMV of course!

AMEX, on the other hand, wanted a form filled in and faxed to them, they wouldn't take it over the phone. I can't say I like sending a fax with my card number though.

fatbrit

I'd get a basic checking account opened immediately if I were just arriving. Probably best to avoid interest accounts until you've got the SSN, though.

Sure some banks will play silly bu99ers, as will some staff. There's always another bank on the opposite corner. Vote with your feet.

ian-mstm

Have you considered that perhaps you just have bad karma? Other people don't have the same problems you do... therefore your experience may be more of an anomaly than the norm.

Ian

Steve_

Oh bollocks, I've been banking in the US for over 20 years at a wide variety of banks. Perhaps I just have more experience than you do.

Literally today I call the bank, I was applying to upgrade my credit card.

After dicking me around for 4 weeks they've decided they can't do it because I'm a non-resident alien. I have to appear at a branch in person because of their "customer identification program".

I've gotten so used to this I can quote the law:

31 CFR 103.121(a)(3)(ii) says that a "customer" does not include someone who currently has an account (ergo a CIP does not have to be used).

31 CFR 103.131(b)(4)(c) says that when it is a credit card account, they can use the information from a credit agency even for a non-US person.

I've lost count of the number of times I've seen a bank employee screw up a W-8BEN, at least a dozen times.

Or you end up with stupid mistakes on a 1042-S or a 1099, because they didn't have your SSN.

Etc.

I've got a drawer full of their mistakes.

You are better off waiting to get your SSN and filling in a W-9 imo, if you can.

Are you sure? Here's an example, did a W-8BEN, I gave them my SSN, it was on the form, but in the computer she put down 000-00-0000. The form was forwarded to their alien dept. They ended up sending me two 1042-S forms for the same account, on one it has a hyphen in the account number so their form processing software obviously missed it.

Here's another one. You have to refile the W-8BEN every three years. Never had a reminder for one of my accounts, turns out they had it down on a W-9, which I had never filled in and it's obvious from my account details I'm a non-resident alien.

Or... phone up using phone banking, asks for the last four digits of your SSN for identification purposes. You gave them the SSN. They never updated the correct record so the phone system cannot identify you.

I could go on. I have 20 years worth of stories across several different banks.

GeoffM

Yes.

GeoffM

I clearly spoke too soon. Recently I applied for a secured credit card. The wife's application went through fine (and she told them the SSN over the phone as I described for myself). But mine appeared to have been rejected back then, causing the bank to ask for it again recently which I did, which was again rejected. Apparently they were confused because it starts with a 1 and not the 7 or 8 they were expecting - and 7 is what the wife's starts with, and both kids start with 8. They now have a photocopy of the actual card and the bank manager was going to have some "strong words" with his colleagues in the head office. I'm a bit unclear as to whether this is going to affect my length of credit history - when you have very little to begin with, setbacks like this don't help!

I read up on SSNs and, though numbers did used to mean a particular geographical region, they don't any more.

Guindalf

My sister was able to open an account to pay her DVC payments. She just used my address as her home. We still get the mail even though she closed the account ages ago!

Pulaski

"Noted", for sure, but not "reported" - such a large transaction would/ should flag it for review by a bank (internal) compliance officer who reviews bank records and any available external reports, before determining whether the transaction(s) are suspicious, and filing the legally required (if determined to be suspicious) report. So, be sure to tell the bank of any large transactions you're expecting when you open the a/c - transaction documented as expected is much less likely to be reported as suspicious.

Pulaski

"Interest accounts" ..... like 0.1%, or high interest ..... 0.25%!