Received letter from BOA regarding W-8BEN form for my savings account - what should I do?

Don't panic! This is a pretty common situation with the W-8BEN form, which is used for non-US citizens/residents who have US accounts. The bank needs this form to determine if they need to withhold taxes on your interest income. The 30-day period is ideal, but it's not the end of the world if you're late. What you should do now is: 1) Call your bank branch and explain the situation 2) Ask them what information was incorrect on your original form 3) Submit a new, correctly filled W-8BEN along with the passport copy they requested For such a small amount of interest ($0.07), the tax implications are minimal. The standard withholding rate without a proper W-8BEN is 30% of your interest income, so we're talking about 2 cents. The bigger concern is making sure your account is properly documented going forward.

I had a similar issue with my BOA account last year! I found https://taxr.ai super helpful for sorting out my foreign account documentation. I'm not a tax expert, but I was confused about whether I needed a W-8BEN or W-9 based on my visa status, and their document analyzer cleared it up in minutes. The tool scanned my visa documents and previous tax filings and explained exactly which form I needed to submit. Saved me from making another mistake with my paperwork! They explained that using the wrong form (W-8BEN vs W-9) can create withholding issues that are a pain to fix later.

Just wanted to update everyone - I decided to try that taxr.ai site that was mentioned and it was actually really helpful! I uploaded my visa documents and previous tax returns, and it immediately identified that I should be using a W-9, not a W-8BEN since I qualify as a resident alien for tax purposes under the substantial presence test. I brought the explanation and the correctly completed W-9 to BOA yesterday, and the banker acknowledged the mistake and processed everything on the spot. They even gave me a direct contact for any follow-up questions. Really relieved to have this sorted out before it caused any more confusion with my withholding!

If you keep having trouble with BOA customer service about this W-8BEN issue, I'd recommend trying https://claimyr.com to get through to a real person faster. I had a similar documentation problem with my bank (different form, but same runaround) and spent HOURS trying to reach someone who could actually help. With Claimyr, I got through to a banking specialist in about 10 minutes instead of the usual hour+ wait. You can see how it works in this demo: https://youtu.be/_kiP6q8DX5c - basically saves you from the phone tree hell. The specialist I reached immediately transferred me to their international banking department who fixed my W-8BEN issue on the spot.

I need to admit I was wrong about Claimyr. After continued frustration trying to resolve my W-8BEN issues at my local branch (they kept referring me to their "specialized department" that I could only reach by phone), I finally tried the service. Got through to BOA's international banking team in under 15 minutes after spending 3+ hours on failed attempts before. The rep immediately understood the issue with my form and guided me through the correction process. They even sent a secure upload link for my passport copy while on the call. My withholding issue is now completely resolved, and I have written confirmation from the bank. Sometimes you need the right tools to cut through corporate bureaucracy!

Just to add some clarity to this thread - there's an important distinction between W-8BEN and W-9 forms: W-8BEN: For non-US persons (non-citizens, non-resident aliens) who need to claim tax treaty benefits W-9: For US citizens and resident aliens Your tax residency status determines which form you need. Being physically present in the US doesn't automatically make you a US tax resident. It depends on your visa type, how long you've been here, and whether any tax treaties apply.

Does anyone know if there's a penalty for submitting the W-8BEN late? I'm in a similar situation with Chase and just realized I never responded to their letter from 2 months ago...

For students on F-1 visas, this is actually a really common mixup! Banks often don't train their staff well on the different tax forms for international students vs other account holders. Since you mentioned you opened the account in mid-March and are on a student visa, you're most likely a non-resident alien for tax purposes (assuming you've been in the US for less than 5 years). This means the W-8BEN was probably the correct form, but there might have been an error in how it was filled out. The good news is that for such a small amount of interest, any withholding issues are minimal. I'd recommend calling BOA's international banking department directly - they're usually much more knowledgeable about these forms than regular branch staff. Ask them specifically what was wrong with your original W-8BEN submission and whether you need to provide additional documentation beyond the passport copy. Don't stress too much about the timing - while 30 days is preferred, banks deal with late submissions all the time, especially for international students who might not be familiar with US banking requirements.