Geezer wrote:There is no place on the ACH transmission form to add the additional information; that's the reason the IAT format was created!
According to this web site:
According to the Association of Americans Resident Overseas, there are over 8 million non-military Americans living overseas.
See: https://www.transitionsabroad.com/listi ... ntry.shtml
I, of course, have no idea how accurate that is, but obviously a great many Americans are living in foreign countries and a great many of them probably get their money by direct deposit into foreign bank accounts.
It would stand to reason (I hope) that retirement sources are going to have to get whatever forms are necessary to do IAT. Considering that the requirement doesn't come into effect until April 1, they have plenty of time to do whatever they need to do so those who depend on direct deposit can continue receiving their money uninterrupted.
It would be nice if Bangkok Bank would handle it, as you say, but they're not the ones who came up with this IAT nonsense. The USA government did - and I have a feeling it was one schmuck sitting in his office one morning who had nothing better to do than create problems totally unnecessarily. Someone is going to have to explain to me how the information required for IAT is going to halt money laundering or any other type of crime, in any way, shape, or form.
Have you ever noticed that the people who create these problems never create any that would personally affect them?