Having a bank account

M

mynameis1234

New Member
Hello, my parents were green card holders. When they were in US, they had opened accounts in couple of banks. They have now given up their green card (since they were out of US for 2 years without any extension). They are currently visiting US on visitors visa. What can they do about their accounts?
1. I wanted to take their money from the current bank they have and move to another bank which offer better rates. Is that possible?
2. Should they take out all their money from the banks because they are no longer green card holders?
3. Should they just leave the money (CDs) they way they are and let them automatically renew?
 
mynameis1234 said:
Hello, my parents were green card holders. When they were in US, they had opened accounts in couple of banks. They have now given up their green card (since they were out of US for 2 years without any extension). They are currently visiting US on visitors visa. What can they do about their accounts?
1. I wanted to take their money from the current bank they have and move to another bank which offer better rates. Is that possible?

---------------------They Can move money to other banks.
2. Should they take out all their money from the banks because they are no longer green card holders?
--------------------They can
3. Should they just leave the money (CDs) they way they are and let them automatically renew?
--------------------If they are from India then take the money from US bank and transfer it to Indian bank. Indian Banks give better Interest rates on CD/fixed deposits (more interest for Senior Citizen)
Click to expand...
------------If they still want to keep the money with US banks then they should go to Bank and fill up a form for Foreign status so that Interest earned is not reported to IRS.

If they have surrendered Green Card before US consulate then records of IRS are not updated. Talk to IRS and inform that they are not Permanent residents. I think one need to send some form to IRS.
 
When you say "If they are from India then take the money from US bank and transfer it to Indian bank. Indian Banks give better Interest rates on CD/fixed deposits (more interest for Senior Citizen)" Which bank do you mean? Remember, they are not NRI, so they cannot open that account. Also, they do not want to convert the money to Rupees that this point, so that is the best option?

You mentioned that they can move money to other banks. I wanted to open an account for them in ING. When opening the account, it asks for SSN, how to deal with that?
 
Thanks, I will try that.

I thought that since they have surrendered their green card the SSN is not really valid (and using it might be illegal).
 
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