Bank Questions about Nationality

Hi,
I called my bank the other day to ask about exchange rate charges for a trip to the US I will be making. They provided the info and then about 15 minutes later I got a call back from the bank (first time in over 15 years) stating that they needed to update information on their account about me 'for tax purposes'.
They asked that nationality I was.  I stated that I am a dual citizen (I didn't specify that I am a US one and they didn't push it further). They asked if I am a UK resident and I said yes I am a UK resident with a European Passport--I did tell them details of that passport/nationality.  This was all the info they asked and they closed the call.
As a US (dual) citizen I yearly file and report on UK income including my FBAR and FATCA etc.  In my US tax documents I clearly state the name of the UK bank. Do you think I need to call the bank back and confirm I am a US citizen or is that opening a pandoras box?
Thanks,
Fred

I got a letter from my bank a week or so back stating that their records indicated that I was a 'US person', and enclosed a form for me to fill out and return. The letter stated that if I did not return the form, they would assume that the info they held was correct and would report as required.

I sent the form back - no big deal, just confirming my citizenship (actually their terminology was a little strange, in that they referred to the status as "tax resident" and "tax citizen").

I've filed FBARs for years and have always filed a US tax return, along with a UK return since we moved back in 2011. I figure it's better to confirm the info than be flagged as potentially hiding something.

This is all part of the FATCA info sharing legislation that came into effect not long back. You are compliant, so personally I would just call them back and confirm your status.

I've been getting a little worried about this.  Our local Barclays branch closed down which leaves us with taking a bus to one of two closest branches just to get cash. (DH refuses to use hole-in-the-wall cash points)  He was toying with switching to another bank with more convenient branch.  We've had the Barclay joint account since we got married 40 years ago and I had an account with them before that even -- back when they didn't ask your nationality.  It seems if I were to move my account and even the joint account there might be questions asked (I have given the current bank info on the FBAR).  Or will Barclay start sending out forms anyway?

Thanks @vadio for sharing your experience. I think that makes sense as a way forward. It's funny that they wouldn't send me a form to fill or do it as a formal communication, and it felt like they were sort of doing it over the phone 'unofficially'.  Maybe as I have read it's not clear cut whether by gathering this info the banks are fully respecting data privacy laws.

Do you think I need to call the bank back and confirm I am a US citizen or is that opening a pandoras box?

This is really up to you, but I wouldn't worry unduly about it. You will file your information returns to the Treasury or IRS. You've done all that is required on your part. The bank has an obligation to fulfil their part, and how they do that is their business. Be sure to record for any future reference when and what the call was about, what they asked, and how you replied.

I would be careful of any unsolicited calls one receive regards FATCA, account holder details, etc., as there are scams around as a result of FATCA. There are warnings about this on the IRS site.

We're probably going to see a great deal of inconsistences between requests from the various banks. Those that use the same 'FATCA Advisors' will respond similarly, and those that use others, or none at all, will carry out their search for US Persons differently.

Respond to your bank/building societies demands. There is no need to offer additional information because you know more about FATCA than they do. That's their problem. Just be sure you've covered your obligations and responded truthfully to the request for information (provided you're certain it is your bank making the request).

It seems if I were to move my account and even the joint account there might be questions asked (I have given the current bank info on the FBAR).  Or will Barclay start sending out forms anyway?

It's an issue we all face, unless we intend to keep the same exact accounts for the rest of our lives. Interest rates on savings accounts always seem to go down to next to nothing eventually, and there comes a time when switching to a new account is inevitable.

As for Barclays, you can find information on how they are approaching FATCA on the following link:

http://www.barclays.com/fatca.html