New Law? -- US SS numbers needed for old/existing bank accounts.

[klikster]

Got a call today from K. Bank officer. Seems the US has a "new" requirement even for older accounts that never needed SS reporting before. Anyone else?

I'm hoping this is a mistake .. but I have a creepy feeling ...

[Tywais]

I suspect they are referring to the FATCA requirements for US citizens with overseas bank accounts. That has been in effect for a while now actually. Believe it was a year or more ago I had to fill out the forms for this at Bangkok Bank. I've had that account for 30 years.

[TallGuyJohninBKK]

Yes, had the same request from Standard Chartered for an existing account at least a year or so ago.

[RKASA]

But did they call you or just ask when you visited the bank. I never give info over the phone unless I called them and know who I m talking to. Someone called the wife a few years ago and she refused to answer - they even tried to tell her her account would be closed and funds frozen etc. She went into the bank with the number they called from that showed on her phone and it was a complete scam.

[NativeSon360]

Good ole U.S.A. The greatest country in the world. The land of the free, (but no longer the brave) and a government that literally taxes its citizens into the poorhouse.

[Pib]

It's FATCA. For customers with accounts before FATCA kicked in 1 Jul 14 banks have a couple of years to get the social security numbers when required under FATCA....it's all part of the "due diligence" provisions of FATCA. When opening a new account the bank will ask for your social security number at that time...if you don't want to give it you can't open an account. And the banks may ask for proof it's actually your social security number like requiring a copy of your social security card during the account opening...like how they require a copy of your passport.

[chivo]

And if i understand correctly- you only have to report accounts that held over $10,000 US at any time that year? can anyone confirm that is the case?

[JLCrab]

I never have more than a few hundred dollars in my combined Thailand bank accounts. When the ATM stops working, I'l know.

[Pib]

And if i understand correctly- you only have to report accounts that held over $10,000 US at any time that year? can anyone confirm that is the case?

Correct...snapshot below from the FBAR instructions.

[TallGuyJohninBKK]

That's right. However, various of the Thai banks have been asking/demanding that U.S. citizens to fill out w-9 forms with their SSN for existing accounts -- regardless of whether the account balance is above or below the FATCA threshold.

[JimGant]

That's right. However, various of the Thai banks have been asking/demanding that U.S. citizens to fill out w-9 forms with their SSN for existing accounts -- regardless of whether the account balance is above or below the FATCA threshold.

That will probably happen with all folks who opened Thai bank accounts with their US passport, 'cause the bank won't know until the end of the year whether or not the aggregate of the accounts in that bank exceeded $50,000 on Dec 31st (the FATCA threshold for bank reporting of US persons). Rather than scramble around for Joe Blow's SS number, because he tipped the $50k marker at year's end, best just have his SS number info already in the data base.

And if i understand correctly- you only have to report accounts that held over $10,000 US at any time that year?

The $10k is FBAR, not FATCA, threshold (and there's been discussion of harmonizing it to the $50k FATCA threshold -- which makes total sense, thus it won't happen). And the $10k threshold, from the quote Pib posted, means the aggregate of all your opened accounts at a single instant -- which means closing a $9000 account in the morning, and opening a $9000 account in same or another bank on the same day -- doesn't qualify as an instant snapshot of two opened accounts. Thus, no FBAR requirement. But, if you tripped that "single instant" $10,000 aggregate, yep, you now have to file a FBAR listing every and each account you owned during the year, including those closed during the year. And, this doesn't mean only those accounts that exceeded $10,000. It means every and each account, whether the maximum in that account during the year was way above $10,000 -- or only had a maximum during the year of $15 -- and which you closed on January 15th. Uncle wants all your numbers.

[ChristianBlessing]

And if i understand correctly- you only have to report accounts that held over $10,000 US at any time that year? can anyone confirm that is the case?

I believe you're referring to FBAR, the Foreign Bank Account Report. That act requires reporting all accounts, in aggregate, to which you have signatory rights. It must be completed once yearly.

[TallGuyJohninBKK]

It only requires reporting of foreign accounts IF, at any time during the calendar year, the total/aggregate balance of all those accounts combined exceeded $10,000, even if only for one day.

If the combined balance of all one's foreign accounts remained at $10,000 or under throughout the calendar year, then no FBAR reporting is required.

[gk10002000]

And if i understand correctly- you only have to report accounts that held over $10,000 US at any time that year? can anyone confirm that is the case?

Correct, with the stipulation that you must report if at any time the total sum of all monies was $10,000. In other words, the limit does not apply to just the total instantaneous amount in just one account. As far as the Thai banks wanting a social, I can't comment on their need or desire or if their understanding is correct or not as to why they need the ssn or why.

[Jingthing]

Very recent experience with K-Bank dealing with my passport and new passbook for existing account. No S.S. on record. No w9 on record. Never contacted. Not asked in person. So it seems not a blanket policy woth K-Bank.