Do you have any bank accounts with a “foreign sweep” feature? If so, you’ll want to read on to ensure you’re not at risk for significant financial penalties related to failing to disclose/report foreign bank accounts.
What are sweep accounts?
Many banks offer an “overnight sweep” feature that sweeps excess funds in an account to another branch of the bank. The idea is that your funds never sleep – they earn both during the day and at night.
How do you know if your sweep feature requires foreign...Read More »