Has Anyone Had A Bank Account Closed Due To Facta

In about 1985 I had an account at a British brokerage in Hong Kong closed since I had become a US person for tax purposes and the brokerage did not want to start filing paperwork with USG. The purpose of the IRS reporting, as I they understood it, was to create additional business cost to non-US banks and other financial service companies. If a bank had only one or two US clients it would still have to create processes to segregate all the client data of it's US and non US clients.
 
In the past few business days I missed several calls from Banco Sntander Rio so today I went to the sucursal (branch) where I have my account. The CSR was very nice (they always are). First she checked my account and told me the calls were about increasing my credit limit. I told her about wanting to be in compliance with FACTA and she made a photocopy of my DNI and US Social Security card. There was an Argentine form to sign and it all took about ten minutes (plus about five minutes waiting time). I was the first North American to ask about FACTA at this branch, and there was no sense of urgency about getting this done.
 
I think it's time to update this thread. In early January I received an email from the bank asking me to return to sign another form. It was a W-9. I was told I had until February 15th to sign it. I went to the bank and signed the W-9 as well as a form which absolved the bank of any liability for their release of my account information.

I wanted to see what else I could learn about FATCA on line. By far the most informative site I found is irsmedic.com (a law firm located in Connecticut).

This post deals specifically with FACTA: https://www.irsmedic...it-so-annoying/

On the right side of the page are links to "recent posts" and I also found them very informative.
 
A followup to my problem: My account was closed just at the time that I had to return to the US due to a family cirisis. When I got back the money in my account had disappeared. The bank is "researching" what has happened. I am also waiting for the account to be reopened but it is taking time. If not completed by next week and the money found I think it is safe to say that there will not be a resolution. Not sure what to do.
 
sergio said:
A followup to my problem: My account was closed just at the time that I had to return to the US due to a family cirisis. When I got back the money in my account had disappeared. The bank is "researching" what has happened. I am also waiting for the account to be reopened but it is taking time. If not completed by next week and the money found I think it is safe to say that there will not be a resolution. Not sure what to do.
Click to expand...

can you confirm the bank name/location?
 
Let's just say a MAJOR bank and a major branch. I want to resolve the problem, so I prefer not to state the name of the bank.
 
Popping in on this thread ...

Just got a letter from HSBC informing me that I need to present either the IRS W-9 (Request for Taxpayer ID) or IRS W-8BEN, or other documentation to establish my connection to the bank and financial status. I have until 13 July to complete this.

W-9 is no prob. Will go tomorrow and give you a followup.
 
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