Has Anyone Had A Bank Account Closed Due To Facta

[jbeas176]

steve. they just closed my account. my bills were not being paid. there was no notification. i went to the bank 2 months later, when in country, and they gave me my 13,000 pesos.

 

[camberiu]

My account was just closed due to FACTA. I have a DNI.

 

[sleslie23]

Aren't you a US citizen now Camberiu?

 

[camberiu]

Aren't you a US citizen now Camberiu?

But not only.

shhhhhhhhhhhhhhhhhhh

 

[sleslie23]

I heard it's worse if they find out you tried to hide.

 

[emilyr]

I got a call from my Banco Francés branch where I've had an account for four years. They asked me to come in and sign something because I was a US citizen for tax purposes and sounded pretty worried about it. They sent the paperwork to the branch near my work and told me to please sign it within the week (urgent in Argentime). I told them I had no problem, as I was in full compliance with US tax law (I have even submitted screen shots of said bank account as proof of income in my tax returns).

My only concern was...the passport would not do, and they need my SSN, which in the age of identity theft is always a red flag. I'm a little bit nervous about throwing it around outside the country. Really? The IRS cannot look me up with just my passport number? Banco Francés is a respectable international bank, but still, I like to avoid the SSN whenever possible. What do you all think? Has anyone else had to do this?

It sounds like I was lucky. All they wanted was my SSN, not to close my account! I do have a cuenta sueldo and a job "en blanco," though, so maybe they are cutting me slack because I am "sponsored" by a Argentine employer.

I found this on the Turbo Tax website:
"FATCA will also require certain foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. The reporting institutions will include not only banks, but also other financial institutions, such as investment entities, brokers, and certain insurance companies. Some non-financial foreign entities will also have to report certain of their U.S. owners.

It seems reasonable that the foreign bank may need your SSN or other information to comply with that."

 

[Girino]

When I opened a bank account in Italy and I was already a US resident, the bank made me fill in and sign a W9 form where your SSN is required. I think they are trying to prep your W9 for you to sign.

 

[TomAtAlki]

I don't believe the IRS has normal access to your passport number. Standard id for the IRS is the SSN.

T/

 

[emilyr]

Thanks for the feedback, Tom! I just wanted to put it out there and see if others had the same experience to see if checked out (without having to make the trip to the embassy).

I have no reason to mistrust Banco Francés, but I just like to limit where I report my SSN because of identity theft. It's happened to multiple of my US friends and family, from withdrawing money from their bank accounts to opening up credit cards and even stealing their federal tax refund!

I know our SSN is our tax ID number. But it seems that if the IRS has the reach to get information from foreign banks, they would have the reach to access the US Passport database to link our passport numbers to our identity and SSN! Our passport is our legal document abroad; I don't even have a Social Security card here.

 

[sleslie23]

Thanks for the feedback, Tom! I just wanted to put it out there and see if others had the same experience to see if checked out (without having to make the trip to the embassy).

I have no reason to mistrust Banco Francés, but I just like to limit where I report my SSN because of identity theft. It's happened to multiple of my US friends and family, from withdrawing money from their bank accounts to opening up credit cards and even stealing their federal tax refund!

I know our SSN is our tax ID number. But it seems that if the IRS has the reach to get information from foreign banks, they would have the reach to access the US Passport database to link our passport numbers to our identity and SSN! Our passport is our legal document abroad; I don't even have a Social Security card here.

Again, the SSN is what the IRS uses to track you from birth to death. Your passport number changes. Be thankful that your bank is allowing you to provide you SSN instead of just closing your account.