IS SDFCU CONSIDERED A FOREIGN OR US ACCOUNT FOR FATCA AND FBAR REPORTING?

14. IS SDFCU CONSIDERED A FOREIGN OR US ACCOUNT FOR FATCA AND FBAR REPORTING?

Answer

SDFCU accounts are considered a US account and excluded from the Foreign Bank Account Report (FBAR/FinCEN Form 1124) and Form 8938 (Statement of Foreign Financial Assets, attached to Form 1040).

It is common practice to maintain local bank accounts regardless of one's location.