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  • Page 2 of 2 FirstFirst 12
    Results 11 to 16 of 16
    1. #11
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      Mr Kleb's Avatar
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      It may be a phish or another scam. Possibly (though in my opinion unlikely) to be related to the question on the census.

      May be related to some domestic application of the Foreign Account Tax Compliance Act or FATCA. Truly awful legislation passed then signed by President Obama in 2010 allegedly intended to scoop up more tax revenue from people who are dual citizens of the US and any other country. My understanding is that it has cost the IRS far more to design and implement the rules than has been gained through additional revenue.

      I will spare everyone my lengthy and passionate FATCA rant . . .

      ETA: If BoA has overseas banking operations for US citizens/duals it makes even more sense.
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      SunDance (04-25-2018)

    3. #12
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      Jeff's Avatar
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      Actually this is legitimate.

      All Banks will be asking and requiring this. This is being pushed out by the Treasury department as a requirement of all Americans to report citizen status, holdings in foreign accounts etc. You will probably see this on your Tax forms next year as this was in the big new all great Tax bill. Which yeah I ended up paying more in taxes this year than I can remember. I personally find it astounding that well it it too costly for banks to manage themselves responsibly and do things in the best interest of their customers both Laws repealed. However not a problem to start enforcing immigration status on account holders.

      Right now it is not default for everyone. So not everyone is getting it, however it you are traveling and get charges on your cards from Foreign banks or something. Yeah they want to know. If you might have dual citizenship they want to know or green card in another country. By the new Treasury and Tax laws, they are required to know and by those new laws your required to tell them.

      It is all part of Foreign Accounting Tax Act, This was actually put in back in 2010 with the purpose of finding people hiding assets in foreign accounts and not paying taxes on them. Basically the US, passed this law and forced all the other countries to comply and send us data on all US citizen conducting business in other countries. Then the US never complied themselves. Yeah, our congress hard at work. Now other countries are forcing us to comply due to all the Shenanigans Trump is doing as part of so called Fair Trade. Other countries are going ok Fine, your forced us to do all this time for your to do it too. So this is what your seeing. Bank that want to do business with other foreign banks, need to start complying with the rules and laws.

      So no not actually part of Trumps anti immigration. It is part of other countries going, you want fair trade ok hold up your end of the deals and bargains and do what you make us do. Most people don't realize how good the US does have it in Trade. Trump rocking the boat thinking he is making a good deal is really gonna hurt.

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      SunDance (04-26-2018)

    5. #13
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      Quote Originally Posted by SunDance View Post
      (hah....I worked on a jigsaw puzzle and swigged coffee).
      This would be a great answer for a Jeopardy category - "Things you can do if you don't own a cat"
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      SunDance (04-26-2018)

    7. #14
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      Wwwoodchuck's Avatar
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      I had never had a request for this information from my bank and I would refuse to give it to them if asked. I checked the IRS site. I am not a lawyer or a tax consultant, just a regular guy. I would check with your accountant if you have any questions, but this is what I found on it.

      https://www.irs.gov/businesses/corpo...ance-act-fatca


      “The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.”

      From the “FATCA for Institutions” section: “What do Financial Institutions need to know?”

      “U.S. financial institutions (USFIs) and other types of U.S. withholding agents are required to withhold 30% on certain U.S. source payments made to foreign entities, if they are unable to document such entities for purposes of FATCA.”

      They are looking for foreign (offshore) accounts of citizens “hiding” money. From all I read there, there is no requirement for US financial institutions to gather this information from their customers. That could be the main reason the OP was on hold for so long, no one had any idea what it is about.

      If you made no transactions abroad, to a foreign financial institution, this should not apply to you. If you DID make any transactions to a foreign financial institution, they want to know all about it so they can tax it. It seems there is a $50,000 lower threshold for individual reporting. That number is mention several times.

      Interesting to note, on other sites Banking institutions say it is costly and difficult to deal with this. It is costing much more than it is getting in return for the IRS. Typical Govt Program. They institute it and we pay for it by banks raising costs to cover their added costs.

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      SunDance (04-26-2018)

    9. #15
      Senior Dog
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      Quote Originally Posted by Jeff View Post
      Actually this is legitimate.

      All Banks will be asking and requiring this. This is being pushed out by the Treasury department as a requirement of all Americans to report citizen status, holdings in foreign accounts etc. You will probably see this on your Tax forms next year as this was in the big new all great Tax bill. Which yeah I ended up paying more in taxes this year than I can remember. I personally find it astounding that well it it too costly for banks to manage themselves responsibly and do things in the best interest of their customers both Laws repealed. However not a problem to start enforcing immigration status on account holders.

      Right now it is not default for everyone. So not everyone is getting it, however it you are traveling and get charges on your cards from Foreign banks or something. Yeah they want to know. If you might have dual citizenship they want to know or green card in another country. By the new Treasury and Tax laws, they are required to know and by those new laws your required to tell them.

      It is all part of Foreign Accounting Tax Act, This was actually put in back in 2010 with the purpose of finding people hiding assets in foreign accounts and not paying taxes on them. Basically the US, passed this law and forced all the other countries to comply and send us data on all US citizen conducting business in other countries. Then the US never complied themselves. Yeah, our congress hard at work. Now other countries are forcing us to comply due to all the Shenanigans Trump is doing as part of so called Fair Trade. Other countries are going ok Fine, your forced us to do all this time for your to do it too. So this is what your seeing. Bank that want to do business with other foreign banks, need to start complying with the rules and laws.

      So no not actually part of Trumps anti immigration. It is part of other countries going, you want fair trade ok hold up your end of the deals and bargains and do what you make us do. Most people don't realize how good the US does have it in Trade. Trump rocking the boat thinking he is making a good deal is really gonna hurt.
      Interesting that Bob and I would both be "selected". We don't travel and the closest I get to buying anything from a foreign country is ordering coffee from England through Amazon (hmmm...maybe they think Amazon is the river in South America).

      Well...I feel better, I guess, even though it was on the legitimate BOA website...and less confused in general. Confused, still, as to why we were singled out for this. Oh well...

      I appreciate the info...thanks for spelling it out for me!

      Wwwoodchuck: This was supposed to have copied your reply, too...also thanks!

    10. #16
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      windycanyon's Avatar
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      I got it, but have not responded. Will see if I have an online acct w/ BOA (I may have signed on recently to make sure payment was rec'd but if so, don't know my password, lol!!). If they want to terminate my card, so be it.
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