EDIT/ UPDATE: The seller’s real estate agent finally just asked me to put him in touch with the bank directly. I know he called them today, and maybe just a coincidence, but my account application went through and the loan section replied to me saying that “even the timeline was tight” they’d work to handle everything before my closing date. Phew! I’m glad I’ll be able to go with this bank. Aside from the account opening issue, their loan section has been great (and great rate)!
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So I’m getting a mortgage, and as part of the process I have had to open a few new accounts. Of course, being an American there is always extra stuff to report about my additional “tax residency”, there is the FACTA form, etc. and they need my SSN. No problem. I’ve done this plenty of times. Just tell me which box to tick, give me the form to sign, let’s get this show on the road.
Problem is, more than once now, I’ve found it almost impossible to navigate this process via an online account sign up, most banks make you tick the “I have no other tax residency” just to continue with the online application, and there is no other option.
The other day on the phone I asked the bank where I’m (probably) getting my mortgage how I should navigate it, as I can’t do the online sign up. They said they’d send a paper form and to wait for it in the mail. I made sure to tell them several times that I’m a US citizen and have the additional paperwork, so don’t forget to send that too. Despite this, they didn’t send the extra paperwork. I had to just send back the papers they sent me with my ID docs and a post-it note stating my US tax residency issue. Then, after waiting forever for the return post, I simply got a letter with everything returned saying there was a “deficiency” in my application and I needed to fill out the extra forms (finally they were included). It is so frustrating though. I tried with all my might to communicate this up front, if you ask me the “deficiency” is on them for not ever sending me the forms.
Now, I don’t even know if I can use them for my mortgage because they might not get everything handled in time so I’ll have to go with the other bank that I had an existing account with. Just because this trivial issue with account opening. And I started the process well over a month ago.
It happened at another bank too and that bank had poor customer service so I couldn’t get through properly and just gave up on them.
Anyhow, I just feel like there is a pattern here. Like, they purposely try to make the account opening as painful as possible, maybe because they simply don’t want the hassle of having to deal with the US reporting regulations, and they hope there will be enough Americans who just give up.
Am I reading into this too much?
Maybe my experiences are just a coincidental set of fumbles.
by irishtwinsons