How much info do you give out?
Thread poster: MK2010

MK2010  Identity Verified
United States
Local time: 18:49
French to English
+ ...
Nov 6, 2015

An end client I've been working for for a couple of years, who pays me by wire transfer directly into my U.S. bank account, just asked me for the following info to satisfy their bank:

-date of birth
-passport No.

As far as I can tell, age is not relevant to being paid for your services, and it would actually be entirely possible for me NOT to have a passport.

They already have my social security number, address, etc. = all the info they need.

This really irks me. Am I being paranoid or is there just absolutely no way of getting away from Big Brother these days?

If you've had such requests and didn't approve them, how did you handle the situation?

Cheers.


 

Sheila Wilson  Identity Verified
Spain
Local time: 01:49
Member (2007)
English
+ ...
Their bank? How odd Nov 6, 2015

It seems as though everyone needs everything nowadays. I've certainly never given any information to a client's bank other than my bank details: account name, IBAN, Swift code, bank name, branch address. If a client of mine made this demand I think I would insist on hearing it from the bank directly, in writing. Then I'd do some investigation, starting with my own bank plus similar banks in the client's country. I certainly wouldn't just be a good little girl and comply.

Keep us posted please. I'd be interested to hear the justification.


 

Jennifer Forbes  Identity Verified
Local time: 01:49
Member (2006)
French to English
+ ...
Polite enquiry Nov 6, 2015

I think the thing to do in this situation - them asking for your date of birth and passport details - is to reply politely asking why they need this information, seeing that they already have your address and bank details and have been paying you regularly.
I certainly wouldn't send them the information they're now requesting, for all kinds of reasons, but mostly because of the danger of identity theft of which we are constantly warned these days. I don't think there's any need to say that in your first reply to their request. Save that for when/if they insist.
And don't supply it!
Best wishes.


 

Thayenga  Identity Verified
Germany
Local time: 02:49
Member (2009)
English to German
+ ...
Why would they need it? Nov 6, 2015

The question is: why would a bank that has sent you payments from your client on a regular basis suddenly need your birth-dates and passport info? Neither is required in order to make payments to you. This raises a red flag.

As our colleagues have already advised, politely ask your client why this information is needed, and why so all of a sudden.


 

Liviu-Lee Roth
United States
Local time: 20:49
Romanian to English
+ ...
say „thank you” to FACTA Nov 6, 2015

FACTA (Fair and Accurate Credit Transactions Act) is an amendment to FCRA (Fair Credit Reporting Act ) that was added, primarily, to protect consumers from identity theft.

 

MK2010  Identity Verified
United States
Local time: 18:49
French to English
+ ...
TOPIC STARTER
I already politely told them... Nov 6, 2015

...that the bank shouldn't need that information, and their response was:

"I know it's personal information and normally we feel uneasy giving it, but it's the new forms from our bank for international transfers, so please cooperate with us."

The bank is in Asia.

Anyway, thanks for the feedback. I'm glad to see we all feel pretty the same on this issue.

I'm going to let this go for now, and when it comes up again in a couple of weeks as they prepare to pay my latest invoice, I'll just say I won't give out that info and that they should feel free to use PayPal from now on.

Cheers.


 

Catherine Brix
Local time: 02:49
Swedish to English
+ ...
FATCA is why... Nov 6, 2015

http://www.forbes.com/sites/robertwood/2015/10/05/irs-starts-offshore-account-data-swaps-under-fatca/

You can run but you can't hide ....


 

Liviu-Lee Roth
United States
Local time: 20:49
Romanian to English
+ ...
sorry, I was wrong, FATCA not FACTA Nov 6, 2015

it is FATCA

Foreign Account Tax Compliance Act
FATCA Current Alerts and Other News

The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.
FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts
FATCA focuses on reporting:

By U.S. taxpayers about certain foreign financial accounts and offshore assets

By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest
The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting.


[Edited at 2015-11-06 16:36 GMT]


 

E-Externbrin (X)  Identity Verified
Germany
Local time: 02:49
English to German
+ ...
just a gut feeling Nov 6, 2015

Yes, for sure, nowadays you can run but you cannot hide - nevertheless, I would stick to my gut feeling and withhold the information.

The reply "It`s the new forms from our bank" definitely raises a red flag.

Best wishes,
Ellen


 

MK2010  Identity Verified
United States
Local time: 18:49
French to English
+ ...
TOPIC STARTER
FACTA Nov 6, 2015

Thanks for the info. FACTA seems to mostly be about Americans with offshore accounts (above 50K if I read correctly), not about wiring money for services rendered, which, in this case, ends up in a U.S. bank account that the IRS can check themselves if they want.

Anyway, a social security number is all you really need to get info, and they already have that, so yeah, I won't be giving them anything else.


 

Elif Baykara Narbay  Identity Verified
Turkey
Local time: 03:49
German to Turkish
+ ...
Informing them earlier would be better. Nov 6, 2015

MK2010 wrote:

I'm going to let this go for now, and when it comes up again in a couple of weeks as they prepare to pay my latest invoice, I'll just say I won't give out that info and that they should feel free to use PayPal from now on.

Cheers.


If you have settled means/methods of payment, this would cause problems if you let them know your new preferences at the last minute.


 


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