# US Bank Account Freeze



## fruitcop2 (Sep 1, 2016)

Hi, From reading articles, there seems to be a trend with US banks freezing accounts of depositors that do not have a local PHYSICAL address. Anyone here having problems. I am just about to move, and have no one in the US I can depend on to use their address.

Regards


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## Asian Spirit (Mar 1, 2010)

fruitcop2 said:


> Hi, From reading articles, there seems to be a trend with US banks freezing accounts of depositors that do not have a local PHYSICAL address. Anyone here having problems. I am just about to move, and have no one in the US I can depend on to use their address.
> 
> Regards


Sounds possible but only there at home in the US. New laws all the time so check with your bank(s) there.
We have bank accounts but only here locally for Social Security and pensions and no problems at all. We did this years ago to avoid any issues with banks and lost or stolen ATM/ Credit cards.


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## Tukaram (Dec 18, 2014)

I have not heard anything about it. I am on a US account, and most of the guys I know are too. Biggest issue is if they are ok with you using your card overseas for years... USAA is very good about it.


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## M.C.A. (Feb 24, 2013)

*Final move preparations*



fruitcop2 said:


> Hi, From reading articles, there seems to be a trend with US banks freezing accounts of depositors that do not have a local PHYSICAL address. Anyone here having problems. I am just about to move, and have no one in the US I can depend on to use their address.
> 
> Regards


Hi, Fruitcop2 I've been warned that if my bank NFCU finds out I'm living overseas they will cancel my ATM/Credit cards. 

This sounds like your final move? So I'd pause and take a look at not only your banking worries but also your Immigration status because what at first starts out being a joy could end up being a huge, stressful and costly mistake such as a tourist Visa so you are definitely on the right path by asking questions, don't forget some government offices still use typewriters, they have computers and it may look modern but not linked so a lot of paperwork redundancy and red tape, it's still the 3rd world here.

I see you are located right on the border with Canada, I was stationed on Whidbey Island (Oak Harbor) for 3 years from 1988 - 91, this is where I met my wife.


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## fmartin_gila (May 15, 2011)

Seems as if you would be a good candidate (same as myself & some others on this forum) to use a mail forwarder in the states as a permanent address. There are several of them in different parts of the US. I keep accounts at Wells Fargo and USAA. As I understand, if WF finds out I am actually living in the Philippines, my accounts will be forced to close out but it is OK with USAA as they are comfortable with doing business with people all over the world. USAA accounts can be opened online without physically going to them. 

Fred


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## Ram1957 (Oct 14, 2014)

Here is why some banks are closing accounts. The main reason is the FATCA reporting requirements. Not all banks are doing this. NFCU and USAA are member-owned and would lose alot of their membership if they were to follow what some of these large banks are doing. Philippine banks follow the FATCA requirements, but other countries are pushing back on this requirement. That's were the problem is. To be frank the United States has no business taxing and spying thru the banking system on US Citizens. 

https://thunfinancial.com/PDF/2017-Why-US-Accounts-of-Americans-Abroad-Are-Being-Closed.pdf


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## JRB__NW (Apr 8, 2015)

I have run into issues with Wells Fargo - they locked down my ATM card on multiple occasions, but I solved it by filing a multiple month "travel plan" now, every year, haha. You also have to be careful with brokerage firms like Vanguard. If they find out you're living overseas they will cut you off from making transactions. I get around all of this (and many other issues) by simply maintaining my US residency, owning real estate, and filing US taxes. I just travel a lot, haha. But I realize that isn't the solution for those who want to permanently reside overseas, and it's an expensive solution.


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## Ram1957 (Oct 14, 2014)

There is actually a bill in Congress that addresses alot of Expats banking problems overseas. As soon as Congress goes back to work, If you support this bill please feel free to let your Senator or Congressman that their support for this bill is greatly appreciated. This is not a Republican or Democrat problem, it's a expat problem. If we don't speak up our voices won't be heard and we will continue to be treated unfairly when it comes to US Taxes and the IRS.

https://www.americansabroad.org/med...vlljcMCPBXH0XOgINrNWtpQ2PjK_9Z9XMKBcfOolsHbNA


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## JRB__NW (Apr 8, 2015)

I agree.. but I can't open the file. File error, tried renaming, still won't open, but I'm on my phone.


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## Bevdeforges (Nov 16, 2007)

Have been following this discussion and just have a note to add - most of the problems that expats are having with banks in the US involve the big "national" banks. Several people have mentioned Wells Fargo (which has all sorts of other problems with their "customer service" at present) and I've heard lots of expat unfriendly policies with Bank of America.

First of all, there is no "law" requiring bank customers to have local residence - or even a local mailing address. It seems to be related to FATCA (as someone else here has said). I've maintained a US account with a smaller bank now for many years - based on my overseas address - and the folks at the bank I've had to deal with have all been great about adapting to my needs. 

The biggest issue is that it can be very difficult to open a new bank account in the US unless you can physically go there to open the account - but this is due to the "Know Your Customer" rules, designed to prevent money laundering and tax fraud on an international basis.

I've heard that Vanguard has restrictions on those with international addresses, but I've had my IRA there for years tied to my French address (and my other foreign addresses before that). They do seem to have policies regarding tax withholding if you ask them to transfer money overseas - but that's my primary use of my US bank account. I have them transfer my IRA withdrawals to my US account, and then use Transferwise to move the money to my French account here. 

Until and unless your bank actually threatens to close your account you may want to check for some simple workarounds.


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## esv1226 (Mar 13, 2014)

I keep and maintain bank account in the US with my address and telephone contacts in the Philippines. I use my USA credit card here and pay online.


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## DonAndAbby (Jan 7, 2013)

Six years ago, Fidelity Investments was going to shut me down when I listed my address as the Philippines. I didn't know about all of this at that time. I changed my address with them to my sister's California address and they said fine. Of course, since that time, California tax mafia has tried to get me to pay California taxes twice, but a letter took care of that both time.

USAA would not open an account for me when I told them I was living in the Philippines.

I use my sister's address for my Chase Bank accounts and my Capital One Mastercard. I use the Cap One Mastercard here all the time and they don't care. With the latest chip cards they no longer need travel alerts. They also have a great exchange rate so using the card here basically transfers money for free, at a great rate. I use it for gas and groceries and any big spends where they take a CC for no charge.

I didn't do it, but it is good to set up a mail box like Traveling Mailbox before you leave. If you wait until you are here, you will have to have the USPS form notarized online at a good cost. If you do it in the U.S., the form can be taken care of at the post office for free.

Check out SDFCU, State Department Federal Credit Union. They allow you to have a foreign address. I just opened accounts there recently.


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## Tukaram (Dec 18, 2014)

Get a mail forwarding company to handle your mail - and use that address for banks & credit cards. You can get a US address and phone number (like magic jack) for any US business you need to do.


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## Rebaqshratz (May 15, 2016)

I use the mail forwarding address as my stateside address. Simple as that. I have to "report" the activity of my Filipino bank but it was an online simple form. I used the option when reporting that overseas activity as not knowing the actual activity. They give you amount triggers as in did you account have a balance of over such and such for a certain named time period? Check off the block type form. You have to report the bank and account number so I assume they can do your own research. One of the accounts I was well over the named amount because I had transferred money for a large addition on the house but I just stated that I was not sure sure of the exact amount for the period of time designated. Just checked off the box that was that appropriate answer. Took all of 5 minutes to fill out and file via the internet. Couldn't get cute and take my name off the Filipino account because filing jointly with my wife who also is a US citizen. My issue seems clear because the money was transferred from my US account and all that money was accounted for with real estate sales and retirement funds which had been deposited monthly. It does feel like the government has their hand in your pocket but in my case it is easier to comply with the simple form rather than jump up amd down at this obvious violation of privacy.


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## greenstreak1946 (May 28, 2017)

Before I moved to the Philippines the first time I went into my bank which is fifth/third and told the bank rep I was leaving the country for the Philippines and I would be using my cards there. He made a notation on my account I would be in the Philippines. That way my cards would not get rejected. 

the only problem I had was accessing my accounts online. I had to use an ISP switching program that used a fake ISP address in the USA. As long as I was logged into the program I had no problem. Once I forgot to log in and I tried to log into my bank account and the account got frozen. I had to call the states and explain to them it was me trying to access my account because it showed an ISP address in the Philippines trying to log into the account. 

Other then that problem I had no other issues. My accounts used my daughters address. the program I used for switching ISP address worked very well. As long as I was logged into the program it would show I was in the USA. The bank didn't know the difference.

art


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