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My Bank is asking if I have dual citizenship. Why?
Posted by: space-time
Date: January 05, 2018 09:27AM
When I opened my Bank of America account I was on a work visa, then later I got green card and now I have US Citizenship. I am allowed to keep my other citizenship. Now when I log in to Bank of America, they keep asking me if I have dual citizenship. What do they care?

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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: Robert M
Date: January 05, 2018 09:28AM
Space,

Best place to ask is the bank itself. It wouldn't surprise me if it has something to do with tax law.

Robert
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: NewtonMP2100
Date: January 05, 2018 09:30AM
....maybe they mean....duel......are you allowed to duel in two countries.....??



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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: cbelt3
Date: January 05, 2018 09:36AM
Sorry... since 9/11 America has pretty well lost its mind in terms of allowing its citizens freedom.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: testcase
Date: January 05, 2018 09:39AM
Quote
cbelt3
Sorry... since 9/11 America has pretty well lost its mind in terms of allowing its citizens freedom.

agree smiley


sad smiley
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: billb
Date: January 05, 2018 10:06AM
In 2010 the US enacted the Foreign Tax Compliance Act which requires every bank in the world to report the accounts of any US taxpayer, be they citizen or green card holder.
There's reciprocity promised with this ACt as well.

Due diligence on BOA's account.
There's 30 countries with sanctions, if you're from one of them you probably need to be watched so you don't ruin economies of the other third world nations.


I got this information request awhile back too.



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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: ztirffritz
Date: January 05, 2018 10:24AM
I'm sure it has something to do with income earned in other countries, or taxes owed in other countries...



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Edited 1 time(s). Last edit at 01/05/2018 10:24AM by ztirffritz.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: vision63
Date: January 05, 2018 10:26AM
Something like United States and Lakers Nation should suffice.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: Pam
Date: January 05, 2018 10:41AM
I didn't think the US recognized dual citizenship.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: Ombligo
Date: January 05, 2018 10:51AM
Quote
Pam
I didn't think the US recognized dual citizenship.

The US does not, but other countries do. My wife is a US Citizen but was born overseas. The country of her birth still considers her a citizen there. She could carry it's passport if she wanted to.

Even stranger, our son was born in the US to a by-then US Citizen. He has never lived anywhere else. However my wife's home country sees him as a citizen because of his mother. He could move there and become president (it's happened, a previous president only connection was his Grandmother, but that made him a citizen. He moved back and was eventually elected president).

However, the US does not recognize either's foreign reality.



“No persons are more frequently wrong, than those who will not admit they are wrong.”
-- François de La Rochefoucauld
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: space-time
Date: January 05, 2018 10:55AM
Quote
Pam
I didn't think the US recognized dual citizenship.

The U.S. allows (but does not encourage) dual citizenship.

[www.alllaw.com]
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: Article Accelerator
Date: January 05, 2018 11:56AM
Quote
billb
In 2010 the US enacted the Foreign Tax Compliance Act which requires every bank in the world to report the accounts of any US taxpayer, be they citizen or green card holder.

Yep, I'm fairly sure that's what it's all about, space-time:

[en.wikipedia.org]
"The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law requiring all non-U.S. ('foreign') financial institutions (FFIs) to search their records for customers with indicia of 'U.S.-person' status, such as a U.S. place of birth, and to report the assets and identities of such persons to the U.S. Department of the Treasury. FATCA also requires such persons to self-report their non-U.S. financial assets annually to the Internal Revenue Service (IRS) on form 8938."
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: space-time
Date: January 05, 2018 12:23PM
OK, here is some questions

United States federal law requiring all non-U.S. ('foreign') financial institutions (FFIs) to search their records

How can US government force foreign financial institutions to obey a US law? My guess is that if a foreign country (say Russia) passed a law requiring "foreign" financial institution to report something to the Russian Government, US banks and US Government would complain a lot.

FATCA also requires such persons to self-report their non-U.S. financial assets annually to the Internal Revenue Service (IRS) on form 8938."

I do not have any "foreign financial assets", this is my US bank, I am US Citizen, and I never had any bank account except here in US.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: PeterW
Date: January 05, 2018 12:41PM
So ask the bank why they want the info.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: dk62
Date: January 05, 2018 12:49PM
US enforces these requirements by threatening a variety of sanctions against foreign government/institutions that do not comply. I know some banks in Europe that will not take the money of US citizens because of the extra paperwork. some are in the "don't ask don't tell" category and most are fully compliant. But either way all US citizens, dual or not, need to report ownership of foreign accounts on that form. From what I understand, it is not too onerous as long as it is all legitimate.

I am not clear why the US bank asks for this, maybe for reciprocity?

And, BTW, I know people with 3 legitimate citizenships, so that is not really an issue as long as all the countries allow it (and US definitely does).



Edited 1 time(s). Last edit at 01/05/2018 12:52PM by dk62.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: Winston
Date: January 05, 2018 01:49PM
The FATCA requirements have been a big headache for Americans who live abroad. A lot of banks in other countries will not open accounts for Americans. The military and State Department employees are essentially exempt, as each runs their own financial operations for employees.

As dk62 said, access to the U.S. financial system is critical for most banks abroad. The U.S. can threaten to block this access. This is how the U.S. pressured Switzerland, for example, to go around its banking secrecy laws to assist the U.S. government in tracking down money held abroad by Americans.

We lived in France 2002-2003, and I kept our French bank account for a while after, which was handy when traveling in Europe. The chip ATM card worked everywhere - including to buy Metro tickets in Paris at unattended stations. U.S. non-chip and PIN cards still don't work there. We filed the FATCA form for several years.

Eventually gave it up, largely due to pressure from the French bank to do so.


Good luck.

- Winston



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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: bobinmurphy
Date: January 05, 2018 05:18PM
You should see some of the comments, complaints and questions on some of the snowbird RV sites about Canadians trying to spend the winters in the US. They have problems with their phones, credit cards, self-service gas pumps that require ZIP code verification, limits on how long they can be outside Canada because of their Canadian Health Insurance, and run afoul of the US IRS if they spend too much time in the US. There's a complex formula that probably even Einstein couldn't figure out that the IRS uses to determine if they have to file US Tax forms every year, and most of them usually have to! They don't own property in the US, don't earn wages in the US, but still have to file.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: Winston
Date: January 05, 2018 07:00PM
"self-service gas pumps that require ZIP code verification"

Hadn't thought about that. Gas pumps are one of the places which got an extension on having to use a chip-enabled card.

There are a few places in the U.S. which allow gas stations to be unattended, but in most cases if the card reader at the pump will not work you can always enable the transaction via the attendant.

I'm curious about the phone problems. I pay a little bit of attention to Canadian cell carriers, primarily because I'm interested in LTE cellular routers, which are a lot more common in Canada than in the U.S. Wonder if it's roaming agreements or cell bands? Canada uses LTE bands 7 and 29, not used in the U.S., but their main cellular bands are the same as in the U.S.

The IRS issues are ones I think we can all relate to. I wish the U.S. could become more "cosmopolitan" about tax issues.



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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: space-time
Date: January 05, 2018 07:22PM
The IRS issues are ones I think we can all relate to. I wish the U.S. could become more "cosmopolitan" about tax issues.

I wonder if the new tax code make things easier.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: max
Date: January 05, 2018 08:03PM
Do what I do, ignore the bastiges, they can be asking forever, you dont have to answer them,
it is none of their business.
Ok, because of reciprocity it might be their business, but you still do not have to answer stupid questions...
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: Winston
Date: January 05, 2018 08:17PM
Quote
space-time
The IRS issues are ones I think we can all relate to. I wish the U.S. could become more "cosmopolitan" about tax issues.

I wonder if the new tax code make things easier.

It's supposed to make it a bit simpler for corporations, but I don't know about individuals. Most countries tax earnings (corporate or individual) where it's earned. The U.S. has reached past that to tax people on worldwide earnings. It's actually encouraged some Americans who live abroad to give up their U.S. citizenship.

My understanding is that the new law will (mostly) from now on treat corporate earnings which have been taxed in another country as having paid tax for U.S. purposes. This should make it easier for American companies to bring home earnings from operations in other countries.

They are not grandfathering the billions of dollars held abroad by U.S. corporations, but are taxing it at a lower rate than it would have been if repatriated under the old law. I think corporations have 8 years to pay U.S. taxes on these previous overseas earnings. The U.S. Treasury will get a large one-time bonus from the taxes paid on these overseas earnings. This doesn't fit the spirit of trying to treat U.S. companies the same way other countries treat their corporations, but was part of the deal to keep down the costs of the changes in the tax code.


Good luck.

- Winston



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Be seeing you.
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: Racer X
Date: January 07, 2018 01:07AM
Quote
testcase
Quote
cbelt3
Sorry... since 9/11 America has pretty well lost its mind in terms of allowing its citizens freedom.

agree smiley


sad smiley

We still have the right to leave the country and renounce our citizenship, if we pay something like 5 grand for that "right"
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Re: My Bank is asking if I have dual citizenship. Why?
Posted by: space-time
Date: January 07, 2018 11:27AM
Quote
Racer X
Quote
testcase
Quote
cbelt3
Sorry... since 9/11 America has pretty well lost its mind in terms of allowing its citizens freedom.

agree smiley


sad smiley

We still have the right to leave the country and renounce our citizenship, if we pay something like 5 grand for that "right"

I heard that some people do that to avoid taxes, but then IRS claims you still have to pay US taxes for 10 years.
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