Keeping US Bank Accounts After Filing W8-BEN

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Hyperborea
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Location: Osaka, Japan

Keeping US Bank Accounts After Filing W8-BEN

Post by Hyperborea » Sun Feb 10, 2019 7:38 pm

So, as a followup to my question on whether or not file a W8-BEN with my US banks, does anybody have any experience filing with their bank? Have you had the account closed because they don't want to deal with the hassle? Have you been able to keep the account?

I have 3 that I would like to keep - Capital One, Schwab, and a local credit union. I have had these bank accounts for a lot of years and they are all very convenient in the systems that I've set up for movement of money between accounts and for other uses. Any experience with those?

In case I do lose those accounts on filing a W8-BEN (which I'm not sure that I will yet) is there any suggestions on US banks that will work for US NRAs?
"Plans are worthless, but planning is everything." - Dwight D. Eisenhower

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Maple
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Joined: Fri Aug 07, 2015 11:46 pm

Re: Keeping US Bank Accounts After Filing W8-BEN

Post by Maple » Mon Feb 11, 2019 4:09 am

Hyperborea wrote:
Sun Feb 10, 2019 7:38 pm
So, as a followup to my question on whether or not file a W8-BEN with my US banks, does anybody have any experience filing with their bank? Have you had the account closed because they don't want to deal with the hassle? Have you been able to keep the account?

I have 3 that I would like to keep - Capital One, Schwab, and a local credit union. I have had these bank accounts for a lot of years and they are all very convenient in the systems that I've set up for movement of money between accounts and for other uses. Any experience with those?

In case I do lose those accounts on filing a W8-BEN (which I'm not sure that I will yet) is there any suggestions on US banks that will work for US NRAs?
From personal experience, the big banks were not a problem (specifically HSBC, Citi, Schwab). Yes, there were paperwork and time/hassle required though. A local credit union? Not so sure.

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