Has anyone had problems opening a UK bank account due to US citizenship

I often read that due to FATCA European banks are closing accounts of US citizens or refusing to open new ones.   Is this true ?  Had anyone experienced it ?  Or is it blown out of proportion in the media ?

Thanks in advance

Blown out of proportion. While the guidelines are strict -- probably stricter than we're used to in the US -- and bank employees' exact knowledge of the procedures and laws sometimes causes an issue, the media has definitely created a story where there wasn't one.

Thanks Gwen, that's set my mind at ease.  NSandI have already told me by email that my wife (USC) and myself (UK/USC) can open a joint account as soon as we're resident for tax purposes in the UK.

I'm not sure what you mean by 'resident for tax purposes in the UK' but you can open a bank account as soon as you can provide the bank with the identity documents they need to open the account. That usually is your passport and proof of your address.

I meant my home address being the UK, not the US: so as soon as we have a signed rental agreement, or some utility bills in our name or the like.

I often read that due to FATCA European banks are closing accounts of US citizens or refusing to open new ones.   Is this true ?  Had anyone experienced it ?  Or is it blown out of proportion in the media ?

Thanks in advance

Blown out of proportion. While the guidelines are strict -- probably stricter than we're used to in the US -- and bank employees' exact knowledge of the procedures and laws sometimes causes an issue, the media has definitely created a story where there wasn't one.

My experience supports this as well. 

Just in case you wanted further confirmation....   

Just tho ease your mind, my US fiance was able to open a UK bank account within a week of moving here at my bank with just his passport. They took copies of the bio and visa pages but that's it.

Thank you Becca, Sushie.

They asked me for a "TIN" number which at that moment I didn't know what it was. Turns out TIN is your Social Security number. Good luck

All I needed was my passport and some sort of document that had my current address such as a bill or letter

http://www.leeandlevine.com/tips/yanks-thanks-says-national-savings/

Our plan was to put house purchase money (i.e. above the 85000GBP deposit insurance limit) in NS&I for safety.   I guess that is now out of the question.

Has anyone had any problems opening savings accounts at any other high street banks since NS&I decided to close all USC accounts ?

We just opened joint savings accounts with TSB and transfered the proceeds from the sale of our home in the US to that account.

We opened new joint current account and savings account within 3 days of arriving in UK, the only thing we needed to show was our passports and my spouse visa.

Thanks Kezzie.  I emailed NS&I and was told that provided we're UK resident for tax purposes my wife (USC) and I (UK/USC) can open an account.  Maybe I'm being excessively paranoid not wanting to hold accounts over the insured limit?

We kept my wife's UK account open at Lloyds while we were in the US for 4 years. There was no problem adding my name to the account and then adding a savings account to that as well. The only problem we have had is during our current home purchase. Because we are buying a house with cash the solicitors had some requirements we had to go through to prove we weren't money laundering. Tried to get a quick bank statement from Lloyds.....nope.....no way.....need to wait at least 5 business days before you can get that. We handed all the paperwork in to prove we weren't bad evil money launderers today.....bank statements from the US, from the UK, paperwork for selling our house in the US, statements from Vanguard showing my selling of mutual funds..... My comment to the solicitor (they have a specialist for money laundering) was that considering how much money we have, we really stink if we are money launderers.

My comment to the solicitor (they have a specialist for money laundering) was that considering how much money we have, we really stink if we are money launderers.

 

Isn't that just the case!!!  3 Years ago while traveling in Europe while using a CC that I had informed the bank was going t be used in Europe I was was horrified to see that someone had been walking into stores in New York City making lots of expensive purchases to the tune of $23,000.  I called and cancelled the card pointing out that I cam go onto their website and see that I have it flagged as being used in Europe and that I am currently using it in Europe making the same small purchases I usually do while someone else is making huge purchases in a city and State that I don't live in and never said I was going to visit.  (I  got all the charges refunded)

2 years later my card was blocked and I got a call from their fraud department to confirm that the 2 purchases I had made that morning were valid.  I had been to the doctors  in my home town and then gone to the pharmacy to pick up a prescription. (Total cost for both purchases less than $100)

So, I have no idea how bankers' minds work when trying to detect criminal activity