Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Stating The Status Of Backup Withholding

Sunday, October 27, 2013 - 4:20 PMTIAA Direct - Details
I recently received a letter from TIAA Direct wanting me to submit "Secuirty Protection Signature Cards" stating that I am not subject to backup withholding. As anyone else got these?

I opened my account February of 2012 and now I get this!

Requires signature, date and social secuirty number and using the prepaid envelope.
2
smcsmc19 posts since
Dec 19, 2011
Rep Points: 39
1. Sunday, October 27, 2013 - 4:31 PM
Forgot to mention this needs to be returned within 15-days or TIAA Direct will put a portion of interest remited to the IRS on your behlaf.

In my case they waited nearly 1 3/4 years later and now they want this and depending it with 15 days or else they will give a porition of my interest to the IRS. The only option to to sent this to them is by mail, not sure I like the idea of putting my social secuirty on this letter and sending it to them.
1
smcsmc19 posts since
Dec 19, 2011
Rep Points: 39
2. Sunday, October 27, 2013 - 6:39 PM
This is required for every account that is opened at every bank. It is usually on the signature card. They ****ed up, or lost it. I would ask them to explain what happened. If it is not checked and signed they can close your account or they will withhold taxes from your interest. Not sure what the laws are now. 
1
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,727
3. Monday, October 28, 2013 - 2:38 PM
When you sign up on line you have to check a box to confirm that you are not subject to witholding. Maybe you failed to check that box or there was a computer glitch.  Maybe they have now done an audit and discovered the data was missing.
3
MidAtlanticMidAtlantic25 posts since
Jun 5, 2012
Rep Points: 110
Reply