The Bank has chosen to be FATCA Compliant as it allows us to continue to have correspondent relations with U.S. banks and protects you, the customer, from having part of your U.S. source income withheld by U.S. banks.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is part of the U.S. Hiring Incentive to Restore Employment Act which was signed into U.S. law on March 18, 2010. The Act was implemented to address tax abuse by U.S. persons through the use of off-shore accounts.
Customers Affected by FATCA
The U.S. has provided seven (7) indicators of U.S. status that may qualify a person for FATCA reporting. These indicators are:
- U.S. Citizenship or resident status (E.g. green card holder)
- U.S. place of birth
- U.S. residence
- Standing instructions to transfer funds to a U.S. account
- U.S. care of or hold mail address
- Power of Attorney with a U.S. address
- U.S. telephone number
It is important to note that these indicators do not mean that a customer's account iformation will be reported. NBD will look at the totality of the customer's information to determine their U.S. status.
For more information please view our FATCA Brochure | Visit the US IRS Website
Please contact our Customer Support Unit for any further information you may require:
In order to help prevent fraudulent activity, please note that we will never ask you to submit your banking/confidential information via e-mail or online. All IRS tax forms should be printed and returned to the Bank via mail or in-person.