Which bank accounts can you keep if you cease to be US resident. Like many I am here on a work visa / green card, so I'm resident in the US with a SSN and pretty much any bank is willing to open an account for me. I have recently learned that many will NOT be willing to let me keep that account if I move back to my country, they will require it to be closed when they learn I'm no longer a US resident. The specifics are whether they will require you to close the account if you cannot "W9 certify" (by filling out IRS form W9) which basically asks you to confirm you are either as US citizen or a US resident. Right now I can. If I move home I cannot. Non residents "W8 certify", which basically means filling out a form stating that they are NOT a US person so no US tax should be withheld (or less should be). So the technical question is which banks will allow you to keep open your account if you leave the United States and file a W8 with them. This is useful because if/when we do move to another company it would be nice to keep your bank accounts open to have them linked with IRA's, US credit cards, to pay any remaining bills, taxes, etc. So let's use this thread to update which banks will and will not keep you as a customer if you leave the US.
I opened an account as a foreign resident at both BoA and Citi back in 2012
BoA and Citi and any major bank will let you.
How about Chase?
Chase no go. Bank of America(Merrill Edge)-no. I had an account with Chase with a W8 (opened long time ago when I was visiting), but they recently blocked online access to it. Only after they got my social they enabled access. I spoke to BoA with the exact request (mostly for my investments in Merrill Edge) and they asked me to close it if I move outside US. But it is for Merrill Edge specifically and I missed to ask about Bank.
What about investment accounts? I knew wealthfront, betterment and vanguard require you to close accounts. I know 401k can be kept. But what about the rest?
You mean individual brokerage accounts? I think you can keep Interactive Brokers.
Are you sure about IB? Even if your move to a country where they don't have a presence? If you move to a country where they have a presence presumably you open a local account and journal you holding a to it.
All banks have NRA accounts! Depends where you going some might make more sense than the other
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Banks I have found you can keep: - most of the national banks like Bank of America, CITI, Wells Fargo, BUT these accounts have expensive monthly fees if you don't have a payroll deposit coming in or a large minimum balance Banks with no fee an accounts that confirmed they will work with non residents: - banner bank - first tech - BECU Banks I have confirmed will close your account: -Discover Bank -Amex Bank Banks I have contacted via msg waiting for a reply: -Ally So far Banner, BECU, and first tech is the best option hoping that at least one of the high interest places like Ally will be a yes. Have any others got experience with this?
Large = less than $4000 typically for a checking account.
Yeah but why leave 1500 earning effectively nothing forever just to get a bank account when the same thing can be had for free from banner or first tech If it were 1500 in an ally account earning interest I would not mind but these big bank accounts earn nothing.