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Opening a bank account

AbigailKate
November 04, 2009 05:54PM

Registered: 8 years ago
Posts: 5

Hi there,

is it true you need a lease AND a pay stub to open a bank account on island? What are my options for cashing my paycheck when I don't have a lease? (Moved in with friends)

Re: Opening a bank account

HBIC
November 04, 2009 05:57PM

Registered: 9 years ago
Posts: 151

Most grocery stores will cash paychecks if you spend 10% (I think) at the store.

Re: Opening a bank account

pamela
November 04, 2009 05:59PM

Registered: 13 years ago
Posts: 924

You will need proof of address. Have your friends "dummy" up a rental agreement. I don't know about a pay stub. They will want a social security card and a photo id such as drivers license. If you need a lease form let me know.

Otherwise you need bill that is mailed to your home address - cell phone or just about anything - but the dummy rental agreement works just as well as anything.

Otherwise you go to the bank the check is written on with two ids - drivers license, passport, etc. - and cash it.

Pamela

Re: Opening a bank account

maryhope386
November 04, 2009 06:29PM

Registered: 9 years ago
Posts: 20

I signed up for a bank account today and did not need a lease or a pay stub. I just needed two forms ID and had to fill out a bunch of paperwork, as to be expected. I did have a local physical address and mailing address to put on the application. I got a basic checking account with FirstBank, not sure what the deal is for other types of accounts or through other banks.

Re: Opening a bank account

AbigailKate
November 04, 2009 07:56PM

Registered: 8 years ago
Posts: 5

Thanks guys. I'll check out First Bank and I'm sure my very honest, trustworthy friends will be more than willing to fake a lease.happy

Re: Opening a bank account

pamela
November 04, 2009 08:43PM

Registered: 13 years ago
Posts: 924

AbigailKate,

you are actually living with them so a rental agreement with $1 a month rent is not exactly faking ....well sort of not really anyway!

Pamela

Re: Opening a bank account

fdr
November 04, 2009 09:04PM

Registered: 10 years ago
Posts: 1,212

Good evening AbigailKate,

It sounds like a rumor or outdated info to me. When I opened my FirstBank account earlier this year, all they wanted was two forms of photo ID (I used my passport and stateside DL at the time). They didn't care about a lease or a pay stub. Let us know how it turns out!

Re: Opening a bank account

specialk
November 06, 2009 07:42AM

Registered: 9 years ago
Posts: 574

I can back up what fdr said about 1st Bank only requiring two forms of ID and a Social Security card to open an account. You do not need a local address or proof there of.

FYI - Bank of St Croix will ask for a lot of personal information they have no right to ask for. They will tell you it's required by FDIC regs and if you challenge that they'll say it's due to the Patriot Act. Both are a crock.

Re: Opening a bank account

Lizard
November 06, 2009 10:33AM

Registered: 11 years ago
Posts: 1,842

The Treasury Dept and the IRS put additional pressures on the banks in the USVI because of the "New Hedge Fund requirements". Some Banks hope for the best but prepare for the worst. The Bank of St Croix is a conservative Bank, and a well managed Bank. If you are going to invest in a Hedge fund Operating in the USVI, you must be a resident of the islands (USVI) for at least six months, proof of residency via lease or deed, where your cars are registered, your Drivers license, Social organization you belong to, where your kids go to school, voter registration etc., and where you bank, if you leave the islands this will trigger an audit, The Feds need money and they are looking under all the rocks available to them. The New Laws went into effect effect in 2007. The Feds want tax dollars on money earned outside of the USVI, and want the IRS to collect and keep the Tax not the IRB.

Re: Opening a bank account

DUN
November 06, 2009 06:59PM

Registered: 11 years ago
Posts: 812

Quote
Lizard
The Treasury Dept and the IRS put additional pressures on the banks in the USVI because of the "New Hedge Fund requirements". Some Banks hope for the best but prepare for the worst. The Bank of St Croix is a conservative Bank, and a well managed Bank. If you are going to invest in a Hedge fund Operating in the USVI, you must be a resident of the islands (USVI) for at least six months, proof of residency via lease or deed, where your cars are registered, your Drivers license, Social organization you belong to, where your kids go to school, voter registration etc., and where you bank, if you leave the islands this will trigger an audit, The Feds need money and they are looking under all the rocks available to them. The New Laws went into effect effect in 2007. The Feds want tax dollars on money earned outside of the USVI, and want the IRS to collect and keep the Tax not the IRB.

Scotia & The Bank of St. Croix must be in bed together!
As I said, I`m willing to come into Scotia as long as they have a camera to see my full frontal & other side(it`s the ONLY thing they don`t know about me)!

Re: Opening a bank account

Bratt
November 08, 2009 04:04PM

Registered: 8 years ago
Posts: 289

My husband and I were able to open a joint checking account on Saturday with only a VI drivers license and Passport. 2 hour process with First Bank STX but, it was painless.

Re: Opening a bank account
avatar

Exit Zero
November 08, 2009 04:30PM

Registered: 10 years ago
Posts: 2,252

Where are these "new hedge fund requirements" listed , posted or written?? Are you referring to the IRS laws that changed -- about our EDC programs?? These are clearly outlined in the Tax Code and make no specific 'hedge fund' statements - the EDC has no particular 'hedge fund' requirements either that I can find. What Treasury Department measures are you reading from? Thanks.

Re: Opening a bank account

Lizard
November 08, 2009 06:17PM

Registered: 11 years ago
Posts: 1,842

Exit Zero,
Maybe it was unclear how I stated "New Hedge Fund Requirement". I should of said New requirements for "Investors in the Hedge Funds". Thanks to Charles Grassley new regulations and legislation were passed and reporting forms changed regarding the "Residency Requirements for Individual Investors in a Hedge Fund Operating in the USVI." Out of the 49 hedge funds doing business in the USVI since 2001, 23 have either closed shop or stopped doing business. The EDC did not change their policy or single out hedge funds. You can googel Charles Grassley Republican and Hedge funds in the USVI how they were/are effected by these changes or contact your hedge fund manager for more details. Since Banks are required to report certain cash transactions, it might be prudent for them to get as much information on the bank customer. I don't think they want a naked photo of Dun

Re: Opening a bank account
avatar

Exit Zero
November 08, 2009 07:52PM

Registered: 10 years ago
Posts: 2,252

Thank You for the timely and informative response ---- much appreciated.

Re: Opening a bank account

CAtoSTX
November 22, 2009 10:55PM

Registered: 8 years ago
Posts: 592

a little off subject - but we are still trying to figure out if we want a local account at all.
I think we do - "just in case" but, the minimums seem very high to me - is there a checking account with a local institution that ISN'T $1K - $2.5K minimum?

Re: Opening a bank account

cmcowboy
November 23, 2009 05:55PM

Registered: 8 years ago
Posts: 10

Quote
CAtoSTX
a little off subject - but we are still trying to figure out if we want a local account at all.
I think we do - "just in case" but, the minimums seem very high to me - is there a checking account with a local institution that ISN'T $1K - $2.5K minimum?

Here is a link to 1 FirstBank, Individual Checking Accounts that I found as I'm looking into this also.
The Convenience and Personal Checking are low.
[www.firstbankvi.com]

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