Egg wanna know if I'm a yank! Huh?

Onawingandaprayer

I applied for a new Egg savings account, and despite filling in nationality box on p1 as English and despite having been with them for some 12 years, from my very un-American home in Dorset, they have rejected the application because I omitted to tick the box on p2 re whether or not I am a US citizen. (They've asked me to re-apply, rather than reject it outright, some small consolation.)

Whatever's this all about? Being a rate tart, I have all sorts of savings accounts and can't ever recall having been asked if I'm a US citizen, particularly if already having stated I'm English.

Anyone got any insight into this administrative weirdness?

Lokolo

Most probably the idiot at the other end mistyping something.

Just fill it in again I say.

sibot74

This is because Egg are run by Citigroup who, being based in America, have a duty to inform the US treasury about US citizens using their banking services.

Onawingandaprayer

Makes some sort of sense, I guess.

Apart of course from the question 'what is your nationality?'
English.
Ahah, I see. Then let me ask you another question Englishman 'Are you a US citizen?'

Megalomaniac

Hehe. It's one thing about Egg which is a bit annoying. I love them, think they are a great bank, but my partner has dual British and American citizenship. When she went to apply in the past it asked for her social security number etc... for tax reasons. We didn't want her paying more tax than she had to so moved on to another bank for her savings. However, does anyone know what extra taxation is taken from the account and how much it amounts to? She's living and working in the UK now so I would guess it's pretty much nil?

sibot74

They don't take extra tax at source - as far as I understand the info is passed to the treasury not the IRS. Your partner, if she retains dual citizenship, is still required by the IRS to submit a tax return every year - even if her tax due is $0 because she has paid more tax to the UK govt than she would have owed to the US govt (it's a bit more complicated than that). Additionally, if she has control over foreign (i.e. non-US) bank accounts worth more than $10,000 at any point in the year she is required to submit another form to the treasury (TD F 90-22.1). My partner also has dual-citizenship and it's a pain when shifting bank accounts / ISAs around and rate-tarting. There is a lot of information on the various expat sites/forums if you have trouble sleeping one night

Cook_County

Megalomaniac wrote: »

Hehe. It's one thing about Egg which is a bit annoying. I love them, think they are a great bank, but my partner has dual British and American citizenship. When she went to apply in the past it asked for her social security number etc... for tax reasons. We didn't want her paying more tax than she had to so moved on to another bank for her savings. However, does anyone know what extra taxation is taken from the account and how much it amounts to? She's living and working in the UK now so I would guess it's pretty much nil?

She is doubtless filing annual US tax returns and FBARs in any case to avoid US penalties.

Whether she would owe US tax will depend on her worldwide income.

Cook_County

Onawingandaprayer wrote: »

Makes some sort of sense, I guess.

Apart of course from the question 'what is your nationality?'
English.
Ahah, I see. Then let me ask you another question Englishman 'Are you a US citizen?'

There are several hundred thousand English men, women and children with dual nationality - including such folks as Boris Johnson who is of course also a US citizen subject to US tax. This is why the question is relevant.

Bob_the_Saver

Cook_County wrote: »

There are several hundred thousand English men, women and children with dual nationality - including such folks as Boris Johnson who is of course also a US citizen subject to US tax. This is why the question is relevant.

Boris is no longer a US citizen.
http://news.bbc.co.uk/2/hi/uk_news/politics/7376621.stm

Cook_County

Bob_the_Saver wrote: »

Boris is no longer a US citizen.
http://news.bbc.co.uk/2/hi/uk_news/politics/7376621.stm

This story my be on the BBC website but it is false based on a mis-reading of an article Boris wrote when editor of the Spectator. Individuals renouncing US citizenship are listed in the Federal Register by name (this is only an example but they are published quarterly: http://edocket.access.gpo.gov/2004/pdf/04-23598.pdf . Boris's name has never appeared. Therefore he has never renounced. Would you like to ask him? I have!

Megalomaniac

Cook_County wrote: »

She is doubtless filing annual US tax returns and FBARs.

Doubtless...:rolleyes: Seems like a lot of people don't know they still have to file... I'll get on at her to find out!