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10 Common Errors on Nonresident Alien Accounts

If you are asking your customer, “Are you a US citizen?” at account opening, you might be asking the wrong question. A better question is, “Are you a US Person?”

Upcoming
Thursday, May 8th, 2025
1:30 pm - 3:30 pm
Presented by Deborah Crawford
$299.00 or 1 Token

Includes: Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Branch Manager
  • Compliance Officer
  • Deposit Operations Manager/Specialist
  • New Accounts Representative
  • Private Banker
  • Training Manager
  • Trainer

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These and many other errors set up NRA accounts incorrectly so that you report the interest incorrectly to the IRS. It begins with the W-8BEN and ends with the 1042 S interest reporting. If you miss this program you may continue to make common errors that cause you liability and lack of compliance.

What You'll Learn

  • What is a US Person?
  • Resident versus nonresident aliens
  • Green cards and substantial presence test
  • Is it okay just to use a US TIN?
  • Why do we have to get FTINs?
  • How to complete the W-8BEN
  • What if we don’t track W-8BEN expirations?
  • What is a certification of W-8BEN?
  • What should we enter on our system?
  • What if we don’t get FTINs?
  • Who are the countries that we report interest on customers on the 1042S?
  • Which countries do not have an FTIN?

Who Should Attend

This session is ideal for deposit operations, deposit compliance, branch administration, new accounts, training, personal bankers, and anyone who opens accounts for nonresident aliens.

Deborah Crawford

Instructor Bio

Deborah Crawford is the President of Gettechnical Inc., a Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 35+ years of combined teaching and banking experience.

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