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I am hoping someone here can help answer a question for me. I've heard to open a bank account in the US, you have to have a SSN, are there any exceptions to this or some kind of international bank account? My mother-in-law is Chinese, no SSN or other ID besides passport and Chinese birth certificate, she wants to open a bank account here so she doesn't have to carry around cash all the time. I find it hard to believe that this is impossible, but that is what I was told by my local credit union. I would think some international bank like HSBC, Wells Fargo, Bank of America, etc would have some sort of banking account for foreigners. She travels to the US for 6-10 months at a time every couple years, actually she has come the last 3 years in a row, she nearly spends more time in the US then in China. There has to be a way to get her a bank account. A last resort would be that I open a bank account and then add her name to the account so she can get full access. The only problem with that is she has a trust issue, developed for good reason from her other daughter... Anyway, any help would be appreciated.
Look up and or contact local banks in your area, or better yet visit a branch and speak with a new accounts officer. He or she will be able to advise you on what documents are required to open a new account.
Speak with the branch manager about opening an account using form W8. If your credit Union does not do that based on policy you will have to try larger banks.
Ok, we went to Bank of America and it was really easy. All they needed was a passport, which surprised me because I called and they said they needed 2 forms of ID and proof of residency, or proof of address where they stay. The biggest deal was they have a $1500 minimum for the bank account for those without SSN.
I thought this would be a bigger hassle after talking to my credit union and looking information up online, but again it was really easy.
Mattks - FYI - any penny of interest will be reported if there is an interstate agreement with her country of residence. It may take a few years but it will get there.
Mattks - FYI - any penny of interest will be reported if there is an interstate agreement with her country of residence. It may take a few years but it will get there.
No interest on the account, so that shouldn't be a problem. Will they scrutinize any deposits? My wife and I will put money in their account semi regularly for them to live on.
No interest on the account, so that shouldn't be a problem. Will they scrutinize any deposits? My wife and I will put money in their account semi regularly for them to live on.
No interest on the account, so that shouldn't be a problem. Will they scrutinize any deposits? My wife and I will put money in their account semi regularly for them to live on.
By law the bank must report deposits over $ 10,000.
Also, according to Social Security, although banks ask for a SS#, in most cases it is not required, and they can open an account without one. You may need to be a little insistent.
Mattks - FYI - any penny of interest will be reported if there is an interstate agreement with her country of residence. It may take a few years but it will get there.
LOL, at current interest rates, it'll take the bank quite a few years to report any significant amount of interest. Unless the country of residence is interested in statements showing 0.25 cents interest for the year.
Think all banks will open an account without a SSN
they withhold tax though on interest, but given the interest is pennies, who cares :-)
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