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Charles Schwab is closing my account because I inquired about changing my address to my Irish residence. I am not sure if the other bank accounts I have in the US have similar policies, but am afraid to ask. Why would Charles Schwab have this policy if I am still a US resident? Do all banks have this policy?

  • I'm not sure of the answer - I have seen issues of foreign banks not wanting to deal with US citizens, even if living in the same foreign country as the bank, due to IRS tax disclosure requirements for US citizens - but have no idea why a US bank wouldn't want to deal with you while living overseas. At least some US banks will deal with foreign citizens (I have a US bank account, and am Canadian, living in Canada). My guess is that this is just a business decision. – Jim MacKenzie Apr 2 '18 at 22:51
  • Private bank and brokerage accounts in the US are often restricted to US residents for reasons I really don't understand. I know that when I left the US I only managed to keep a couple of accounts I liked because they were in the name of a US trust that remained resident in my absence. When I tried to get rid of the trust to simplify foreign tax filing they told me they would need to close the accounts if I did that. – Dennis Apr 4 '18 at 16:54

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