Why Did My Bank Send Me A W9 Form

Why Did My Bank Send Me A W9 Form – Nothing nefarious in what you've described. Always use the number on the back of your card, as lyttle recommends. Businesses use this form to collect the tax id numbers of individuals or other entities. If you fail to provide this information or report investment income, it may be withheld.

Also i only have a checking account at that bank. Taxes are all a balancing act of one entity taking a deduction and another person paying the tax liability. The bank requires the w9 form so that the bank can credit and report the accrued interest. By state law, the landlord is required to keep your security deposit in an interest bearing account under your name.

If they fail to get one signed, they may have to withhold taxes at 24%. I've been using the same bank for my checking account since i moved to the united states a little bit over 3 years ago (usaa). Once they have the form, businesses don't send it to.

We ask you to complete the form and provide your ssn or tin so we can update your account with the correct information. The form is used to gather your tax identification number. You should call the bank.

This information helps when it’s time to file your taxes. A w9 form is a form a company gives an individual so a 1099 can be sent at the end of the year. Yesterday that bank sent me a w9 form (an official form that basically asks for my tin or ssn) although the bank already has my ssn.

A w9 is just an official request for your tax id #.

What is a W9 Form & Why You Need To Fill It Out Bench Accounting