US Bank Account Freeze

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US Bank Account Freeze


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Old 25th January 2019, 04:02 PM
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Default US Bank Account Freeze

Hi, From reading articles, there seems to be a trend with US banks freezing accounts of depositors that do not have a local PHYSICAL address. Anyone here having problems. I am just about to move, and have no one in the US I can depend on to use their address.

Regards

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Old 25th January 2019, 05:37 PM
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Quote:
Originally Posted by fruitcop2 View Post
Hi, From reading articles, there seems to be a trend with US banks freezing accounts of depositors that do not have a local PHYSICAL address. Anyone here having problems. I am just about to move, and have no one in the US I can depend on to use their address.

Regards
Sounds possible but only there at home in the US. New laws all the time so check with your bank(s) there.
We have bank accounts but only here locally for Social Security and pensions and no problems at all. We did this years ago to avoid any issues with banks and lost or stolen ATM/ Credit cards.
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Old 25th January 2019, 08:49 PM
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I have not heard anything about it. I am on a US account, and most of the guys I know are too. Biggest issue is if they are ok with you using your card overseas for years... USAA is very good about it.
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Old 25th January 2019, 10:49 PM
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Quote:
Originally Posted by fruitcop2 View Post
Hi, From reading articles, there seems to be a trend with US banks freezing accounts of depositors that do not have a local PHYSICAL address. Anyone here having problems. I am just about to move, and have no one in the US I can depend on to use their address.

Regards
Hi, Fruitcop2 I've been warned that if my bank NFCU finds out I'm living overseas they will cancel my ATM/Credit cards.

This sounds like your final move? So I'd pause and take a look at not only your banking worries but also your Immigration status because what at first starts out being a joy could end up being a huge, stressful and costly mistake such as a tourist Visa so you are definitely on the right path by asking questions, don't forget some government offices still use typewriters, they have computers and it may look modern but not linked so a lot of paperwork redundancy and red tape, it's still the 3rd world here.

I see you are located right on the border with Canada, I was stationed on Whidbey Island (Oak Harbor) for 3 years from 1988 - 91, this is where I met my wife.
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Old 25th January 2019, 11:11 PM
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Seems as if you would be a good candidate (same as myself & some others on this forum) to use a mail forwarder in the states as a permanent address. There are several of them in different parts of the US. I keep accounts at Wells Fargo and USAA. As I understand, if WF finds out I am actually living in the Philippines, my accounts will be forced to close out but it is OK with USAA as they are comfortable with doing business with people all over the world. USAA accounts can be opened online without physically going to them.

Fred
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Old 25th January 2019, 11:46 PM
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Here is why some banks are closing accounts. The main reason is the FATCA reporting requirements. Not all banks are doing this. NFCU and USAA are member-owned and would lose alot of their membership if they were to follow what some of these large banks are doing. Philippine banks follow the FATCA requirements, but other countries are pushing back on this requirement. That's were the problem is. To be frank the United States has no business taxing and spying thru the banking system on US Citizens.

https://thunfinancial.com/PDF/2017-W...ing-Closed.pdf
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Old 26th January 2019, 02:29 AM
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I have run into issues with Wells Fargo - they locked down my ATM card on multiple occasions, but I solved it by filing a multiple month "travel plan" now, every year, haha. You also have to be careful with brokerage firms like Vanguard. If they find out you're living overseas they will cut you off from making transactions. I get around all of this (and many other issues) by simply maintaining my US residency, owning real estate, and filing US taxes. I just travel a lot, haha. But I realize that isn't the solution for those who want to permanently reside overseas, and it's an expensive solution.
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Old 26th January 2019, 02:51 AM
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There is actually a bill in Congress that addresses alot of Expats banking problems overseas. As soon as Congress goes back to work, If you support this bill please feel free to let your Senator or Congressman that their support for this bill is greatly appreciated. This is not a Republican or Democrat problem, it's a expat problem. If we don't speak up our voices won't be heard and we will continue to be treated unfairly when it comes to US Taxes and the IRS.

https://www.americansabroad.org/medi...XMKBcfOolsHbNA
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Old 26th January 2019, 04:13 AM
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I agree.. but I can't open the file. File error, tried renaming, still won't open, but I'm on my phone.

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Old 26th January 2019, 07:37 AM
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Have been following this discussion and just have a note to add - most of the problems that expats are having with banks in the US involve the big "national" banks. Several people have mentioned Wells Fargo (which has all sorts of other problems with their "customer service" at present) and I've heard lots of expat unfriendly policies with Bank of America.

First of all, there is no "law" requiring bank customers to have local residence - or even a local mailing address. It seems to be related to FATCA (as someone else here has said). I've maintained a US account with a smaller bank now for many years - based on my overseas address - and the folks at the bank I've had to deal with have all been great about adapting to my needs.

The biggest issue is that it can be very difficult to open a new bank account in the US unless you can physically go there to open the account - but this is due to the "Know Your Customer" rules, designed to prevent money laundering and tax fraud on an international basis.

I've heard that Vanguard has restrictions on those with international addresses, but I've had my IRA there for years tied to my French address (and my other foreign addresses before that). They do seem to have policies regarding tax withholding if you ask them to transfer money overseas - but that's my primary use of my US bank account. I have them transfer my IRA withdrawals to my US account, and then use Transferwise to move the money to my French account here.

Until and unless your bank actually threatens to close your account you may want to check for some simple workarounds.
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