Retaining US bank accounts after return to Canada

MaggieA · Post by **MaggieA** » Sat Oct 08, 2016 6:03 pm

We're Canadian, spent 14 years in the US during which we became dual citizens, recently returned to Canada. All those years in the US we hung onto our Canadian bank account and a couple of Canadian credit cards. These were useful when visiting Canada during our years in the US and have been extremely valuable for our move. So now that the dust is settling, a bit, although we're still staying with family while waiting for our US house to sell, attention is turning to how best to deal with our US bank and credit card accounts. I have the impression that due to FATCA et al., US institutions may not be so keen on dealing with foreign residents. Let me state here that I'm not interested in doing anything illegal. We do have a US mailing address with a CMRA. I'm trying to figure out if I'd be best to change our mailing address to the US mail address, or if I should give our Canadian address.

nelsona · Post by **nelsona** » Sat Oct 08, 2016 7:59 pm

You should give your Cdn address. It will not be a problem.

MaggieA · Post by **MaggieA** » Sat Oct 08, 2016 11:09 pm

Thanks! Perfect.

agrisiva · Post by **agrisiva** » Mon Oct 10, 2016 11:11 am

From my experience, the US Credit card companies will not accept foreign addresses. I ended up giving my brother's address. Also did that for the banks and some retirement accounts. Ally bank will put restrictions on withdrawals for foreign address holders. DCU accepted my Canadian address but was messing up my US credit reports with scrambled Canadian address. I switched it back to the US one.

nelsona · Post by **nelsona** » Mon Oct 10, 2016 12:18 pm

Not been my experience with family who have US CC's living in Canada.

rlb · Post by **rlb** » Mon Oct 10, 2016 4:54 pm

My wife and I returned to live in Canada in 2010. We have three US credit cards (originally four, but I simplified to three) all with our Canadian address. No problem. I set all to use web statements, but they do occasionally send us updated rules and regulations, etc.

agrisiva · Post by **agrisiva** » Mon Oct 10, 2016 11:25 pm

Amex and Discover credit cards do not accept foreign addresses.

mikie · Post by **mikie** » Tue Oct 11, 2016 4:58 pm

I recommend keeping US bank , credit cards, and checking accounts and using a US address for all of these. Some premium credit cards are not available to Canadian residents. There are a few other occasions when it is convenient to interpret one's country of residence with flexibility. :)

agrisiva · Post by **agrisiva** » Wed Oct 12, 2016 5:06 pm

I agree with you Mikie. So, I have a question to all those folks who have changed the US credit cards to Canadian/foreign addresses. Are you able to request your annual free credit reports from all 3 US credit bureaus just fine via online? If so, do they show your foreign address correctly/properly?

rlb · Post by **rlb** » Thu Oct 13, 2016 11:24 am

"Are you able to request your annual free credit reports from all 3 US credit bureaus just fine via online?"

I don't think so, I've never tried since moving back to Canada. But the current web interface asks for your current US address, and of course I don't have one. We've burned our bridges anyway, having given up US citizenship in 2014. I can't think of a reason why I would need a US credit report. The credit cards we retain are only for convenience (and our daughter uses one sometimes) -- to minimize current conversion costs for US and non-Canada purchases. Most of my income comes from the US.

agrisiva · Post by **agrisiva** » Fri Oct 14, 2016 11:21 am

Thx rlb. I can understand your situation, but you may want to either request a formal credit freeze on your accounts on all 3 bureaus or monitor them annually. If there is a problem or any id theft activity, I guess they can come after you and you will still be obligated to take care of it - no matter where you live in this world and what legal status you have in the US.