Hello, I want to apply for Bank of America secured card. In the standard application form, beside the check that I have to enclose for opening saving account, they also want me to enclose W9 form (IRS). Do I have to send this W-9 form and is it usually requested prior to open account? I haven't see that other banks ask for this form. I just moved to States, and I don't know much about this? I appreciate any help. Thanks Denny
It is required of all people opening a bank account. It is the standard IRS form for request for Taxpayer Identification Number, certification that you are not subject to backup tax withholding because you failed to pay taxes on interest/dividends in the past and that you are a US citizen. If not a US citizen, you are automatically exempt from the withholding certification but you still have to sign it and return it. They cannot 'legally' open the account without it. Some banks opt to use their own form rather than the IRS form - which is permitted as long as they collect the same information.
Thanks on your answer. So form W-9 is something that is offenly required prior to opening saving account even I'm applying for secured credit card. What happens with this form. Are the banks sending this form further to IRS? I'm legal U.S. permanent resident with valid SSN, but I never filled for tax return, since I just moved here to States. Should I fill this form or send the app without this form. Thanks again! Denny
The W-9 form is filed at the bank. It does not go to the IRS at all. You will need to send the W-9 with the app. HTH, John
The reason for the W9 form is because your SAVINGS account is held as collateral for your credit card. Your savings account will earn interest, so the interest has to be reported. You can't earn interest on your savings account without having a tax ID# to be associated with it.
Thank you guys!!! I see now what does it means. Aldo, I used to have saving account and I was earning interest without having SSN or tax ID#.
