FATCA letter from SCB

[revhappy]

I used to have SCB online trading account, but I have already closed it. Now I only have 2 dormant e saver accounts with them. Yet they sent me letter to submit Form W8N, as the current one is expiring in December 2020, in a pretty much threatening wording.

Do I need to submit this form even for savings accounts? I am going to close those accounts now and wont have a relationship with them. Will I still need to submit the forms?

 

[havetheveryfun]

how threatening ?

 

[revhappy]

how threatening ?

 

[wira]

oh are you a US resident ?

 

[revhappy]

oh are you a US resident ?

Nope. Basically they are threatening, if I dont submit the fatca form, they will assume worst case and report my income to US authorities. What kind of logic is that?

 

[dork32]

Nope. Basically they are threatening, if I dont submit the fatca form, they will assume worst case and report my income to US authorities. What kind of logic is that?

do you go to usa? do we have a extradition law with them? if no, then why are you scared.

 

[cassowary18]

Then just submit and give yourself peace of mind lah. Worry so much for what?

 

[BBCWatcher]

I used to have SCB online trading account, but I have already closed it. Now I only have 2 dormant e saver accounts with them. Yet they sent me letter to submit Form W8N, as the current one is expiring in December 2020, in a pretty much threatening wording.

Do I need to submit this form even for savings accounts? I am going to close those accounts now and wont have a relationship with them. Will I still need to submit the forms?

You may close your accounts if you wish. I suggest you don’t “burn bridges” unnecessarily and still submit a truthful and complete W-8BEN.

oh are you a US resident ?

U.S. persons must complete IRS Form W-9. IRS Form W-8BEN is for non-U.S. persons.

Nope. Basically they are threatening, if I dont submit the fatca form, they will assume worst case and report my income to US authorities. What kind of logic is that?

Very logical.

 

[Moowoow]

I used to have SCB online trading account, but I have already closed it. Now I only have 2 dormant e saver accounts with them. Yet they sent me letter to submit Form W8N, as the current one is expiring in December 2020, in a pretty much threatening wording.

Do I need to submit this form even for savings accounts? I am going to close those accounts now and wont have a relationship with them. Will I still need to submit the forms?

Is Yr accounts under Yr own name or under an entity name?

 

[wira]

Strange.
I thought if you don submit W8BEN, at most you cannot trade US equities right ?

 

[Cookie Muncher]

This is norm not threaten, just informing u. Fatca is a big deal.

 

[Squaredot]

Nope. Basically they are threatening, if I dont submit the fatca form, they will assume worst case and report my income to US authorities. What kind of logic is that?

Not the best letter written
Clarify it with your RM or CSO.

 

[BBCWatcher]

I thought if you don submit W8BEN, at most you cannot trade US equities right ?

The bank is perfectly within its rights to sever its business relationships with you if you decline to provide the information it demands.

 

[revhappy]

You may close your accounts if you wish. I suggest you don’t “burn bridges” unnecessarily and still submit a truthful and complete W-8BEN.


U.S. persons must complete IRS Form W-9. IRS Form W-8BEN is for non-U.S. persons.


Very logical.

The current submission is valid until December 2020. I dont have any investment account with them. Only 2 esaver accounts, which I dont use. I dont see any point taking the trouble to submit that letter to them. Would you consider it as burning bridges, if I close those 2 dormant esaver accounts, before December 2020?

The thing is I dont like to leave loose ends. I submit information now and then it will expire again and they may send me letter again or ask more information. I would rather reduce the number of banking relationships I have and then it would be more easily manageable.

Also, it is not like they sent me some form to fill. They ask me to go to their website and check which form is applicable for me and to fill it and they ask me to seek legal or tax advice. I will post the whole letter, see how pissed off you are going to get.

 

[BBCWatcher]

I would fill out the online form and close the accounts you plan to close.

 

[fr33d0m]

Saving account is covered under FATCA, too.

You have to declare that you are not a US person, otherwise, the bank is within their right to share your financial information with the bank with US authorities.

 

[tesarise]

I will post the whole letter, see how pissed off you are going to get.

pissed level = 0
don't see the reason why you making a fuss

 

[hwmook]

pissed level = 0
don't see the reason why you making a fuss

Me too. They just put all the facts on the table.

 

[revhappy]

Okay guys, I have filled 2 forms

https://av.sc.com/corp-en/content/docs/crs-self-certification-form-individual-1.pdf

and

https://www.irs.gov/pub/irs-pdf/fw8ben.pdf

and I have emailed them. I am also closing my accounts.

 

[limster]

I am an active user of SCB online trading and I have NOT filled up a W-8BEN and they have never asked me to. I don't trade US stocks and I guess they have enough of my particulars on file to know I am not a US person.

Because revhappy is a foreign national, mabye SCB is more cautious because a foreign national could have US dual citizenship or green card holder and not as easy for them to check?

Maybe as part of the DOJ settlement, SCB agreed to be more proactive in requiring foreigners who are account holders to make declarations?

My UK bank account after FATCA... every few years they ask me to submit proof of nationality as well. Before that, they never disturbed me.