# Bank Account in USA



## Madison1980 (Jan 12, 2017)

Since I live permanently in UK, my bank in USA has told me that I have to close the account there. Has this happened to anyone else? 

Merrill Lynch was the bank. I think they are owned by Bank of America now. 

Anyone have anything similar happen?


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## Bevdeforges (Nov 16, 2007)

If they have told you that, it's because of an internal bank policy, not any law or regulatory requirement. 

A few of the larger nation-wide banks have notified customers living overseas that they have to close their accounts. I received a notice like that from HSBC in the UK, but it only concerned my savings account with them, not my current account. I basically did nothing and two or three years later, when nothing had happened just decided to close out both accounts and transfer the money to where I live.

But I still have two accounts (checking and savings) in a small, regional bank in the US. Opened the accounts after I was living overseas - though it helped that my Dad had put me on his account in the same bank as a signer. Since I was already a customer of the bank, they had no problem opening the accounts for me. 

To open a new account in the US, you usually have to be there in person.
Cheers,
Bev


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## Madison1980 (Jan 12, 2017)

https://thunfinancial.com/us-brokerage-accounts-american-expats-closed-2015/

Well, it does make life difficult. I have these Beneficiary Accounts IRA and can't take mandatory payments because Merrill lynch closing down. I had an account there, but had to file an affidavit of living in UK. Both parents have now died - my father in October, so this has all come up. 

Tried HSBC - but they can't. Funny thing is, if I am moving to another European country, they can open one for me.


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## Bevdeforges (Nov 16, 2007)

You may be able to do a roll-over of the accounts into an IRA with an investment company like Vanguard or Fidelity. (At least you can ask.) From the article you cite, it seems perhaps the easiest thing to do would be to find one of those ETFs or even a "target fund" type of investment to roll it over into. I admit it makes life a whole bunch easier to have at least a bank account back in the US - which is where I receive any payouts from my IRA, and then transfer from there to my account here in Europe.
Cheers,
Bev


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