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Can any US citizens/tax-persons, resident outside the US, confirm that they (or Americans they know) can't open a residence-country bank account due to FATCA (or have had their existing acc. closed by a local-country bank)?

Since 2019 was to be the deadline for foreign countries/banks to formally agree to comply with FATCA, it seems likely that only now will the shite actually start to hit the fan in this matter. (It's just my guess that the banks too may take a good while to figure out what's going to be their actual policy on this - i.e. withdraw/refuse services to Americans or not. Are the problems with their compliance with FATCA (reporting on the banking of US persons), going to be so troublesome that they will actually refuse bank-acc services? - which they can do BTW.)

In a worst-case situation (foreign bank acc in residence country refused) will it always be theoretically possible to exist without a bank account? In my country of residence I've been looking for other banking possibilities. One could be "credit union" banks ("cooperative" banks), though until I go there and ask, it's only a guess whether these too have financial dealings extending to the US (which will make them vulnerable to FATCA regulations). [PS- sorry if this question is garbled but the topic is complicated - and important to potentially many people.]

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  • If you use the search function with 'FATCA', you will find many questions and answers about this topic. The oldest I saw was from 2014. – Mark Johnson Jun 10 '20 at 15:56
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    The question is, now that Fatca is formally implemented in 'foreign' countries, have banks started to refuse accounts to Americans (as was supposed earlier by expat comentators, since banks don't have to open any acc. if they don't want to - they can refuse or withdraw service). I'm asking whether anybody from the US has in fact now encountered this problem 'on the ground'. So this is just a reality check. – user20042 Jun 10 '20 at 21:16
  • If you did this recently, some banks there may have decided to let US taxpayers open accounts, and accepted the (apparently) extreme bureaucracy that Fatca demands of them to report on US-person acc-holders. (But if you did this not so recently, it could just mean that the bank hadn't decided yet on its policy in light of Fatca.) And this doesn't depend on residency staus. If a US tax-person has an address in another country and does banking there, then the bank must to report on them. The gov there has formally agreed that banks must comply with Fatca - if they have US taxpayer customers. – user20042 Jun 14 '20 at 12:45

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