# Fatca



## 197649 (Jan 1, 2013)

Got this from Metrobank today. I though you only had to report if you had 10,000 or more in an account within the tax year. This indicates that the IRS wants Gross receipts and withdrawals or payments. Even though I no longer have an account with Metro. Has anyone got something like this from other banks


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## Bevdeforges (Nov 16, 2007)

The $10,000 threshold (and that's the combined total of ALL your overseas accounts, not the balance in any single account) is the FBAR threshold. And FBAR is separate from FATCA.

Actually, there are a number of parts to FATCA - and for your personal reporting purposes, if you are resident outside the US the threshold is $200,000 if single and $400,000 if married filing jointly. Again, for all assets that fall subject to FATCA reporting.

However, then there is the bank side of FATCA, which requires the banks to make a good faith effort to identify customers who are "US persons" - and as far as I understand it, they only need to report accounts that are over $50,000, though for some banks it may simply be easier to report all accounts they have in the name of a "US person."
Cheers
Bev


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## 197649 (Jan 1, 2013)

That make since but with the IRS who knows


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## diharv (Jan 1, 2014)

Waiving of rights of confidentiality and privileges ? Point no. 3 seems like authorization to steal from your acct to me. Everything about this letter seems so wrong on so many levels. I don't think a letter with wording like this would go over well even in late 1930s Germany yet now we are supposed to accept this as the new reality of today. For this I am so glad to have a CLN. I used to be so proud and patriotic but this went above and beyond what I am willing to take. So wrong.


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## 197649 (Jan 1, 2013)

diharv said:


> Waiving of rights of confidentiality and privileges ? Point no. 3 seems like authorization to steal from your acct to me. Everything about this letter seems so wrong on so many levels. I don't think a letter with wording like this would go over well even in late 1930s Germany yet now we are supposed to accept this as the new reality of today. For this I am so glad to have a CLN. I used to be so proud and patriotic but this went above and beyond what I am willing to take. So wrong.


Now just imagine in the U.S. you don't need to sign a letter as the government actually has access to your accounts already and they can get this information any time they want. The second thing is it seems allows the bank to give your information to anyone who says they need it You waiver your right to confidentiality. With all the problems within our government today I am a little reluctant to provide anything.


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