ER Guy
Contributor

Hi. When I log into my checking account I get a pop up asking me to complete a W-9 form. The reasons stated iare verify my name and SS# and something about  IRS withholding. This is just a form and doesn’t “verify” anything, besides which you have all my information, verified over the more than 20 years I’ve had accounts with you. You report all my  income using a 1099’s. 

The primary use of that form is to report income for independent contractors and other misc. income. Why are you asking me to fill that form if I have no income?  If the account was opened before you began requesting that form, why aren’t you requesting the same of all long time members?

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23 REPLIES

Hello @ERGuy, the purpose of a W-9 is to ensure that we have all account holder details correct for that specific account. It is also to verify if you are subject to backup with holding from the IRS. Recently USAA has done a review of each account, and any account that is missing a W-9 has been notified that it is needed. I hope this answers any additional questions you may have. We appreciate your membership! ~ Samantha

Thanks for your response. Why do you need an IRS tax form to ensure all my details are correct? Details are name and SS#, right?  Regarding withholding, you do not pay me any earned income subject to withholding, only 1099 type interest.

What happens if I choose not to sign. Just wondering,  TIA..

@ER Guy, A signed form is necessary to acknowledge that the information is correct. To protect our membership and be a compliant company USAA must request an updated Tax Certification W-9 to ensure tax information is reported correctly to the IRS.

If a member has no signed W-9 on file, USAA must put all accounts into backup withholding, but we are not required to close the accounts.

The option to sign electronically is available when you click the link provided on the top portion on each of the required account pages. Thank you for your membership, cooperation and understanding. ~ Lori

"The option to sign electronically is available when you click the link provided on the top portion on each of the required account pages. Thank you for your membership, cooperation and understanding. ~ Lori"

 

ok!! How do I find this?? Can you walk me through?

Hello @lovelilacs, the process above is for documents that are sent via online documents. If you have requested to have them mailed instead then that could explain why you do not see it as an available option. I hope this is helpful. -Emily

I do not want to sign the W-9 that was sent to me in the mail.

It has a misspelling in my address and a mistake in my SS#.

All of my profile information is correct online.

@noW9, Thank you for bringing this to our attention. I do see the errors and will send a new one. Please accept our apologies for the mistakes. I will look into what caused the letter to go out with inaccurate information. ~ Suzy

I have also gotten notice that I need to sign a W9 and this is the first time ever I've had to do this. I have not received notice from the IRS that I am subject to backup withholding and to be honest I am not sure what it is and/or why I would be subject to it. When (if ever) would someone be subject to backup withholding? Is all I need to do sign the form and I'll be good to go?

 

Thanks

Hey @Crash69, thank you for reaching out to us today. The purpose of the notice is just to be sure we have updated our records, this will help ensure your information is correct for tax reporting purposes. There is a letter provided that helps explain a bit more on the need as well. I hope this is helpful, have a great rest of your day. -Emily