Rant: opening a company account, or why FATCA is bad for us

[Saxman642]

SO i decided to form a sole trader company.

Go to the light blue bank, and asked for requirements.

the say to bring two Identification, utility bill, proof of emplacement, and fill out their forms. Ok, no problem, done

I just wnet to said for for the appointment and get with assness:


Light blue bank wtf moment #1: "We don't accept flow bills as proof of address"

Wait, what? that is not my problem, because you and flow fall out years ago you still carrying on like a lil bitch over a bill for proofe of address?(especially when flow now owns all internet in the country anyway? they should jack up prince in allyuh mc)

Light blue bank wtf moment #2: You have to fill out this form first.

What form is that, you ask? See here

http://www.irs.gov/uac/About-Form-W-8BEN-E

Yes, a Trinidaian living in Trinidad, who NEVER travel to the USA and desiring to open an account with a Trinidadian bank, has to fill out a US Government form to declare I not withholding tax from them, before I can open the account!!!

Suffice to say I aborted the appointment

I went to the dark blue bank and learned that ALL banks require this as per FATCA. Grudgingly, I made the appointment.



This is utter trash! my opening a account in my own country is NONE of the US Gov't business!

 

[Steven Ramadar]

All banks in this country is run around no matter what you try to do. Ever hear about making an appointment to open an account? That's the BS I had to go through to open an account in the dark blue bank

 

[Shadowhunter]

All these processes are so lengthy. Imagine if they actually put customer comfort, convenience and time first and tried to make the process as quick and transparent as possible. The last Time I opened an account with the dark blue bank it took a good few weeks of runaround. I opened an account with another bank and got through with everything the same day but if it wasn't for contacts that process could have been just as lengthy. I've been meaning to close off the account with the dark blue bank and go to another but after a few days of runaround, I've just put it off since (for good reason).

 

[nirtime]

I don't understand what the us government has to do with a Trinidadian opening an account in Trinidad.
I also don't know what type of insanity is this to make an appointment to open a bank account...

 

[Shadowhunter]

I don't mind making the appointment when you are seen at that time or at least as close as possible to that time. When you have to come in to make the appointment, come back before your appointment time, still take a number and ensure you are alert and present for the hours it takes them to get to you; that is my issue. Don't tell me come for 9AM for example, when you cannot see me until 1PM.

 

[MangaAddict]

The requirements for opening a bank account are ridiculous imo. Money laundering still happening and I'm pretty sure the bank's getting their cut...smh

 

[LadyDeath]

oh my. i am so sorry you had to go through with that .

I have cut all ties with the light blue bank since they insist on charging me $ 23 TT + for service & maintenance and i don't even use the damn account. Smh! They took all my savings on maintenance and now it has expired. I Told them close it as i won't be doing future business with you all.

 

[Shadowhunter]

oh my. i am so sorry you had to go through with that .

I have cut all ties with the light blue bank since they insist on charging me $ 23 TT + for service & maintenance and i don't even use the damn account. Smh! They took all my savings on maintenance and now it has expired. I Told them close it as i won't be doing future business with you all.

WTH!!! Glad I closed my account with them back in school then.

 

[Saxman642]

Well I went back today to ensure I had my docs in order.

NOW I'm told actually have all of 90 days to submit the FATCA document. But I'll get NO HELP in filling it out. And that form is MOST confusing and incoherent.

Oh, they say I have to write a formal letter to the bank requesting to open the account int eh company letter head. what..... Isn't filling out all your forms enough intent already?

I half-tempted to write on as though it were a prayer to a god

Maybe I should consider the green or red banks. I have never had accounts with them before.

 

[Shadowhunter]

lol Saxman this sounds good enough to write a book! Unbelievable! I've gone to green and red banks before, as long as you are there when they tell you to come with your relevant documents it's all good; just be sure to confirm with them for time (get there early because you still have to take a number) and make them specify each document you need. At the green bank I missed out on one document (was not told) and luckily they let me get a signed statement from another bank to use in place of other documents so with some hustling I got through the same day and the staff I dealt with were very helpful and tried to make the process as quick and convenient as possible to avoid a second trip.

My red bank experience was awesome but I got a last minute appointment from someone who knew someone and went out of their way to accommodate me so I'm not sure how much "contacts" influenced the appointment. Hopefully they just have really good service as a standard, because that kind of service was really, really good.

I would recommend checking requirements and the processes online first and then calling to confirm and make an appointment regardless; putting aside at least half a day just in case.