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Roy&Chanel

Chase bank savings

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Hey guys, I have transferred some funds from my country to Chase Savings account which I opened last year when I POE. I have updated Chase my information after getting green card. However, I have noticed that my savings account has deduction of small amount of money every month stating, "Federal Interest Withheld". Does anyone know what this is for and how should I resolve it? Is that compulsory for Banks to deduct money off my savings? Or do you suggest that I should open another savings account from other banks?

Much appreciated, Thanks!

Edited by Roy&Chanel

Removal of Conditions I-751

29 December 2017 - ROC Filing Opening Date (Expiry 29 Mar 2018)

29 December 2017 - I-751 Priority Mail shipped to VSC

2 January 2018 - Package delivered

8 January 2018 - Check cashed in

11 January 2018 - NOA received (DATE of NOA: 3 JAN 2018)

22 January 2018 - Biometrics Appointment letter received

30 January 2018 - Biometrics Appointment

11 August 2018 - 18 Months extension received (Exp on Sept 2019)

8 April 2019 - I751 Approved

12 April 2019 - NOA and greencard received

 

Help us all by updating your Timeline and Profile!:D

1. Click on your blue nickname on top right corner, there will be a dropdown menu> My Timeline > Edit/Add My Entry.

2. Click on your blue nickname at top right corner, dropdown menu > Account Settings > Profile > Edit Profile (Black button) > change your Filed for and Location.

3. If you would like to update your signature, click on your blue nickname on top right corner, dropdown menu> Account Settings > Left menu click on Signature.

IMPT: If you change address, DO NOT FORGET TO fill up AR-11 Online,for your USC Spouse, fill up I-865! 

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Filed: Citizen (pnd) Country: Indonesia
Timeline

Did you get a sign up bonus? I know some Chase accounts offer a $250 or so sign up bonus if opening account. If that's the case, you have to pay tax on it.

On a side note, I would stay away from the big banks (BofA, Chase, Wells Fargo, etc.) as they will "fee" you to death. Try finding a smaller local bank or credit union

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Nope I did not. I am quite mad right now, I have sent a ticket to enquire. It appears that Atlanta Chase bank branch did not update my information. I personally went there to fill up forms and updated them my green card! I can't believe it that I cant take back my money too. Here's what Chase replied.

Thank you for contacting Chase. I understand your concern
regarding the Federal Interest Withheld. My name is
XXXXX. It is my pleasure to review your request
today.

We removed $XXX monthly from your account on June 20,
2016, for tax withholding. The Form W-8BEN we have on file
to verify your foreign status is not valid or has expired,
so the IRS requires us to withhold tax from any interest
paid to your account.

To prevent future tax withholding, send us a new Form
W-8BEN. If you need a copy of this form, please reply to
this email and we'll mail it to you.

Here?s what we need you to do:

1. Complete, sign, print your name, and date the Form
W-8BEN, including the "Reason for U.S. Address or Other
U.S. Indicia" section

2. Provide a valid and current copy of a government-issued
document that verifies your foreign status and does not
contain a U.S. address, such as your current:

- Passport
- National ID card

3. Mail the original signed form and a copy of your
document to the address below. Do not fax or email them.
If you have a joint account, each person must complete
their own Form W-8BEN, including the "Reason for U.S.
Address or Other U.S. Indicia" section, and send us a copy
of a valid government-issued document that verifies their
foreign status.

When we process the new form, we'll try to refund all tax
withheld during the current calendar year. However, any
tax withheld more than 30 days before we receive your form
can only be refunded if you send us a Form W-8BEN that
includes an "Affidavit of Unchanged Status." If you need a
copy, please reply to this email and we'll mail it to you.

If we cannot refund all of the tax withheld, or if any tax
was withheld during a prior calendar year, you should
speak with a tax advisor about requesting a refund from
the IRS.


Here's our mailing address:

Chase
Mail Code TX3-7812
PO Box 659673
San Antonio, TX 78265 - 9894

We appreciate the opportunity to help you. We value our
relationship with you and thank you for choosing Chase.
Please contact us anytime if you need assistance.

Sincerely,


Customer Service Specialist

1-800-935-9935

Edited by Roy&Chanel

Removal of Conditions I-751

29 December 2017 - ROC Filing Opening Date (Expiry 29 Mar 2018)

29 December 2017 - I-751 Priority Mail shipped to VSC

2 January 2018 - Package delivered

8 January 2018 - Check cashed in

11 January 2018 - NOA received (DATE of NOA: 3 JAN 2018)

22 January 2018 - Biometrics Appointment letter received

30 January 2018 - Biometrics Appointment

11 August 2018 - 18 Months extension received (Exp on Sept 2019)

8 April 2019 - I751 Approved

12 April 2019 - NOA and greencard received

 

Help us all by updating your Timeline and Profile!:D

1. Click on your blue nickname on top right corner, there will be a dropdown menu> My Timeline > Edit/Add My Entry.

2. Click on your blue nickname at top right corner, dropdown menu > Account Settings > Profile > Edit Profile (Black button) > change your Filed for and Location.

3. If you would like to update your signature, click on your blue nickname on top right corner, dropdown menu> Account Settings > Left menu click on Signature.

IMPT: If you change address, DO NOT FORGET TO fill up AR-11 Online,for your USC Spouse, fill up I-865! 

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Yeah Im so mad right now, I headed down to them asap once I have received my green card, it appears that they are not doing their job. Even filled up a new W8BEN, I can't believe it that the headquarters did not receive it.

I'm trying to look for any other banks asap now.


Removal of Conditions I-751

29 December 2017 - ROC Filing Opening Date (Expiry 29 Mar 2018)

29 December 2017 - I-751 Priority Mail shipped to VSC

2 January 2018 - Package delivered

8 January 2018 - Check cashed in

11 January 2018 - NOA received (DATE of NOA: 3 JAN 2018)

22 January 2018 - Biometrics Appointment letter received

30 January 2018 - Biometrics Appointment

11 August 2018 - 18 Months extension received (Exp on Sept 2019)

8 April 2019 - I751 Approved

12 April 2019 - NOA and greencard received

 

Help us all by updating your Timeline and Profile!:D

1. Click on your blue nickname on top right corner, there will be a dropdown menu> My Timeline > Edit/Add My Entry.

2. Click on your blue nickname at top right corner, dropdown menu > Account Settings > Profile > Edit Profile (Black button) > change your Filed for and Location.

3. If you would like to update your signature, click on your blue nickname on top right corner, dropdown menu> Account Settings > Left menu click on Signature.

IMPT: If you change address, DO NOT FORGET TO fill up AR-11 Online,for your USC Spouse, fill up I-865! 

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Just got an update from them again: This is quite BS, I have filed tax jointly with my husband this year for 2015, and I have filled up W9 for them. I can't believe they still inform me that my W9 is invalid. Anyone opening bank accounts, do take note! Check your savings account and see if theres federal tax withheld. Especially those who are adjusting from K1 or Spousal Visa! Lesson learnt!

We have sent you a W-9 form to fill out, and you may take
it to the nearest Chase branch or mail it to the address
below.

The $XXX we removed from your account on June 20, 2016,
and on a monthly basis is the amount of tax withheld. The
Form W-9 we have on file for you is not valid, so any
interest paid to you is required to be taxed by the IRS.

Form W-9 is used to certify your Taxpayer Identification
Number (Social Security number, Employer Identification
number or Individual Taxpayer Identification number).

To recertify your account and prevent future tax
withholding, mail us a new Form W-9. If you need a copy of
this form, please reply to this email and we'll mail you a
copy.

Complete, sign and date the Form W-9 and mail it to us at
the address below. We need to receive the original signed
document; do not email or fax it.

We'll stop withholding tax after we process the new form.
You should speak with a tax advisor about requesting a
refund of the tax withheld from the IRS.


Removal of Conditions I-751

29 December 2017 - ROC Filing Opening Date (Expiry 29 Mar 2018)

29 December 2017 - I-751 Priority Mail shipped to VSC

2 January 2018 - Package delivered

8 January 2018 - Check cashed in

11 January 2018 - NOA received (DATE of NOA: 3 JAN 2018)

22 January 2018 - Biometrics Appointment letter received

30 January 2018 - Biometrics Appointment

11 August 2018 - 18 Months extension received (Exp on Sept 2019)

8 April 2019 - I751 Approved

12 April 2019 - NOA and greencard received

 

Help us all by updating your Timeline and Profile!:D

1. Click on your blue nickname on top right corner, there will be a dropdown menu> My Timeline > Edit/Add My Entry.

2. Click on your blue nickname at top right corner, dropdown menu > Account Settings > Profile > Edit Profile (Black button) > change your Filed for and Location.

3. If you would like to update your signature, click on your blue nickname on top right corner, dropdown menu> Account Settings > Left menu click on Signature.

IMPT: If you change address, DO NOT FORGET TO fill up AR-11 Online,for your USC Spouse, fill up I-865! 

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Filed: F-2A Visa Country: Nepal
Timeline

I don't see any problem on this. So they said they are withholding federal tax on the interest you earned from your Savings account. If you earn anything, you would be taxed. Since you earned interest on the money you have in your savings account, certain percentage is withheld as federal tax. At the end of the year, you would get a summary from the bank about total interest earned and total tax witheld which you will use during your tax return.

Edited by arken

Spouse:

2015-06-16: I-130 Sent

2015-08-17: I-130 approved

2015-09-23: NVC received file

2015-10-05: NVC assigned Case number, Invoice ID & Beneficiary ID

2016-06-30: DS-261 completed, AOS Fee Paid, WL received

2016-07-05: Received IV invoice, IV Fee Paid

2016-07-06: DS-260 Submitted

2016-07-07: AOS and IV Package mailed

2016-07-08: NVC Scan

2016-08-08: Case Complete

2017-06-30: Interview, approved

2017-07-04: Visa in hand

2017-08-01: Entry to US

.

.

.

.

Myself:

2016-05-10: N-400 Sent

2016-05-16: N-400 NOA1

2016-05-26: Biometrics

2017-01-30: Interview

2017-03-02: Oath Ceremony

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Filed: Citizen (pnd) Country: Indonesia
Timeline

I think the OP is mostly irritated with the fact that she already gave them the correct documentation in the beginning but they are still withholding the taxes.

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Filed: F-2A Visa Country: Nepal
Timeline

Based on the posts above, the bank is saying IRS requires them to withold tax on any earned interest because he/she is a US resident. If he/she was just a foreigner and simply had money on Savings account, then the bank would refund any tax withheld. That's why bank is asking for a reason for using US address and a proof of foreign status. Being a US resident, one has to pay tax on any interest earned.

Edited by arken

Spouse:

2015-06-16: I-130 Sent

2015-08-17: I-130 approved

2015-09-23: NVC received file

2015-10-05: NVC assigned Case number, Invoice ID & Beneficiary ID

2016-06-30: DS-261 completed, AOS Fee Paid, WL received

2016-07-05: Received IV invoice, IV Fee Paid

2016-07-06: DS-260 Submitted

2016-07-07: AOS and IV Package mailed

2016-07-08: NVC Scan

2016-08-08: Case Complete

2017-06-30: Interview, approved

2017-07-04: Visa in hand

2017-08-01: Entry to US

.

.

.

.

Myself:

2016-05-10: N-400 Sent

2016-05-16: N-400 NOA1

2016-05-26: Biometrics

2017-01-30: Interview

2017-03-02: Oath Ceremony

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Filed: Citizen (pnd) Country: Indonesia
Timeline

I'm guessing you missed the last paragraph from the communication from the bank;

We'll stop withholding tax after we process the new form.

You should speak with a tax advisor about requesting a
refund of the tax withheld from the IRS.

Again, I think the OP is mainly irritated because she already gave them this info in beginning are they are still withholding.

The banks aren't required to withhold any taxes with the proper documentation. Just their way of borrowing your money interest free

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ch3john is right. arken, you probably misread or misunderstood what I'm trying to say. Yes taxes withheld procedure is correct, the problem lies with the Bank did not process my paperwork even I have went down twice informing them and filled up the required documents.

Im mad because the Bank is not doing their job, I'm heading to the bank tomorrow to talk to their Branch manager and file a complaint.

Spoken to their headquarters yesterday it appears that the branch employee did not update our information.

My savings are not my income, its my savings since child. I was told by the bank to update my information asap once I have my green card, SSN, EAD and to refile a new W-9 form with updated information. I did that right after the day I had my EAD, right after the day I had green card. Before leaving, I specifically asked and ensure with the employee that everything has been filed, and asked if we are good to go. She said YES.

The bank employee did not update the information at all, the headquarters have only receive my information when I first came to America and open the account. The headquarters specialist has sent me the forms and told me to mail them directly instead of going to the branch.

I will be filing a complaint.

Edited by Roy&Chanel

Removal of Conditions I-751

29 December 2017 - ROC Filing Opening Date (Expiry 29 Mar 2018)

29 December 2017 - I-751 Priority Mail shipped to VSC

2 January 2018 - Package delivered

8 January 2018 - Check cashed in

11 January 2018 - NOA received (DATE of NOA: 3 JAN 2018)

22 January 2018 - Biometrics Appointment letter received

30 January 2018 - Biometrics Appointment

11 August 2018 - 18 Months extension received (Exp on Sept 2019)

8 April 2019 - I751 Approved

12 April 2019 - NOA and greencard received

 

Help us all by updating your Timeline and Profile!:D

1. Click on your blue nickname on top right corner, there will be a dropdown menu> My Timeline > Edit/Add My Entry.

2. Click on your blue nickname at top right corner, dropdown menu > Account Settings > Profile > Edit Profile (Black button) > change your Filed for and Location.

3. If you would like to update your signature, click on your blue nickname on top right corner, dropdown menu> Account Settings > Left menu click on Signature.

IMPT: If you change address, DO NOT FORGET TO fill up AR-11 Online,for your USC Spouse, fill up I-865! 

Share this post


Link to post
Share on other sites

Did you get a sign up bonus? I know some Chase accounts offer a $250 or so sign up bonus if opening account. If that's the case, you have to pay tax on it.

On a side note, I would stay away from the big banks (BofA, Chase, Wells Fargo, etc.) as they will "fee" you to death. Try finding a smaller local bank or credit union

Have u heard of Delta Credit Union? Is it good?


Removal of Conditions I-751

29 December 2017 - ROC Filing Opening Date (Expiry 29 Mar 2018)

29 December 2017 - I-751 Priority Mail shipped to VSC

2 January 2018 - Package delivered

8 January 2018 - Check cashed in

11 January 2018 - NOA received (DATE of NOA: 3 JAN 2018)

22 January 2018 - Biometrics Appointment letter received

30 January 2018 - Biometrics Appointment

11 August 2018 - 18 Months extension received (Exp on Sept 2019)

8 April 2019 - I751 Approved

12 April 2019 - NOA and greencard received

 

Help us all by updating your Timeline and Profile!:D

1. Click on your blue nickname on top right corner, there will be a dropdown menu> My Timeline > Edit/Add My Entry.

2. Click on your blue nickname at top right corner, dropdown menu > Account Settings > Profile > Edit Profile (Black button) > change your Filed for and Location.

3. If you would like to update your signature, click on your blue nickname on top right corner, dropdown menu> Account Settings > Left menu click on Signature.

IMPT: If you change address, DO NOT FORGET TO fill up AR-11 Online,for your USC Spouse, fill up I-865! 

Share this post


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