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Have you just opened a pingit account?
They send me post now I have one. I bin it.
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All US citizens are required to pay tax to the US treasury, even if they are not resident in the USA. FATCA is a grotesque and over reaching piece of legislation that is supposed to stop US citizens hiding acorns overseas....
Now the penalties to a bank for not compiling with FATCA are obscene and if its a choice of losing your business or being non compliant under FATCA - they will drop you like a stone.
I suspect the reason they think you might be a reportable person is because they don't know your citizenship - if they knew they could allocate you to one of the buckets -reportable or non-reportable but in the absence of any information you are just a regulatory risk to the bank.
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I wouldn't have been able to open an account without providing it in the first place
Depends when you opened the account. I provided nothing but a name and address to open my bank account, but then my opening deposit was £2.10/- :)
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@NurseHolliday
I don't use my Barclays account so I have no reason to keep it open.
The letter says they don't hold certain information regarding my citizenship and tax status, which seems to be their problem, not mine, since I wouldn't have been able to open an account without providing it in the first place.
What does FATCA mean for me if I am not a
US Person or tax resident of Guernsey, Jersey,
the Isle of Man or Gibraltar?
For most customers, FATCA will have minimal impact and
there will be no action required. However we may still need
to contact you to confirm your status if we have reason to
believe you are a reportable person for FATCA purposes.
Call me someone who is always "randomly selected" but I'm keen to know the reason they have to believe I'm a reportable person.