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American Bank Account Issues for Expats Living Abroad

Transcript of the above video:

As the title of this video suggests, we are discussing bank accounts and specifically we are discussing onshore American bank accounts for Americans who live abroad. This is becoming a real issue especially in light of what they are calling the American Families Plan. It is this new I don't think it is yet to be passed but they are working it through Congress and a lot of the provisions of it have to do with overseas Americans and their bank accounts. Well maybe not even overseas Americans, just banking regulations associated with differentials between incoming and outgoing funds.

I have had a number of folks contact me telling me: "Hey, I got a message from my bank that they are going to close my account. They are no longer going to let me bank with them." This apparently is becoming much more of a problem. Candidly, to speak to my own situation, I fully invested if you will however you want to look at it, I fully got into Thailand. I don't really myself have a lot of interest if you will, financial interest, bank accounts that kind of thing back in the United States. I probably realized this a little later than I otherwise should have but in recent weeks I have got more and more correspondence asking me about this. Yeah it appears to be a bigger issue. Again, I think personally the banks may be anticipating this new Tax Law getting passed and they are trying to do something in an effort to essentially, front load, like a house cleaning to "get rid of" for lack of a better term, American expats because they could cause them more of an administrative burden if they let this law come into effect and they have these folks as customers. It is a very weird almost paradoxical situation where an enterprise is essentially chasing away people who want to keep their money there. 

That said, that looks like it is going to be an issue moving forward. We are going to continue to try to make videos on that topic as this situation evolves.