BUNQ's response on CRS. Weird! What do you think?

[juvejuve2020]

Yesterday I sent an email to BUNQ support asking if at the end of the year they will report my balance only on December 31st, or if they report movements and turnover.

The answer was as follows and I thank you for your opinions.

"To comply with laws and regulations we can share data with the concerned institutions. For example, the Tax Authorities can request financial data and we can share data with the Dutch Central Bank for participating in the Deposit Guarantee Scheme. Next to this, bunq can have a statutory or legal obligation to share personal data with investigating authorities to prevent and combat misuse, fraud and crimes.

However, we will never sell, rent or share your personal information with third parties, unless required to offer our services or to comply with the law. We only provide relevant information to third parties if this is required in order to properly provide our services. That being said, we keep this to a minimum."

"As already explained - we will provide information to the respective institutions if we are asked for it..." (If???? Isn't CRS an automatic switch?)

I think that whoever attended me, doesn't even know what CRS is, and I even sent them the definition of it!

What do you think?

Do support staff not have enough knowledge about CRS? Are they poorly trained?

 

[Sols]

This is unfortunately what happens when you ask first-line support advanced questions. They often have no clue what you're talking about unless it's basic stuff.

Bunq is a Dutch bank, so they are required to participate in CRS regardless of what that person working an extended summer internship says.

Last edited: Oct 4, 2020
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This is the probably the answer to your question.

 

[juvejuve2020]

Sols said:
This is unfortunately what happens when you ask first-line support advanced questions. They often have no clue what you're talking about unless it's basic stuff.

Bunq is a Dutch bank, so they are required to participate in CRS regardless of what that person working an extended summer internship says.
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I think the same!

An account like BUNQ, what is the type of account within these possibilities mentioned by the CRS directive?

1. Custodial Accounts
2. Depository Accounts
3. Other Accounts
   Thanks for you reply!

 

[Martin Everson]

I think you should change title to "Support pleb working for Bunq response on CRS"

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[juvejuve2020]

Martin Everson said:
I think you should change title to "Support pleb working for Bunq response on CRS"
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Ahahah.. True!

Today I received another reply from another institution about CRS in which it said that they report the amount in the account at the end of the year and that they also report all transactions that enter and exit the account.

Then they forwarded an email saying that after consulting the company's legal department they had made a mistake in their response and that they only report the balance at the end of the year.

I think support is poorly prepared on this CRS theme.

 

[Martin Everson]

CRS is still relatively new for banks. Mistakes will happen I guess.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[juvejuve2020]

Martin Everson said:
CRS is still relatively new for banks. Mistakes will happen I guess.
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I guess that too..

 

[happyjohn]

juvejuve2020 said:
What do you think?

Do support staff not have enough knowledge about CRS? Are they poorly trained?
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For some years ago I read abotu another guy who went to his local bank and asked if there were new government policies on the way to exchange information. The bank told the guy, NO, we will never exchange any information with anyone.

Now 6 or 7 years later, it is the defactor standard. Don't trust a bank!

 

[juvejuve2020]

happyjohn said:
For some years ago I read abotu another guy who went to his local bank and asked if there were new government policies on the way to exchange information. The bank told the guy, NO, we will never exchange any information with anyone.

Now 6 or 7 years later, it is the defactor standard. Don't trust a bank!
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Yeah, but CRS is a new thing. One thing i learned about this and this is my main question.. they only exchange the account balance on 31th December and nothing more. 😉

 

[happyjohn]

So far yes, but if the tax man comes after you they will request details and the bank will hand it over. In fact, it doesn't matter what they send to your tax office at first, it matters if it get the tax offices attention.

 

[juvejuve2020]

happyjohn said:
So far yes, but if the tax man comes after you they will request details and the bank will hand it over. In fact, it doesn't matter what they send to your tax office at first, it matters if it get the tax offices attention.
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yes, that is true, but if you have a zero balance at the end of the year, it wont get tax offices attention .. i suppose.. 😛

 

[Dasboot]

Martin Everson said:
CRS is still relatively new for banks. Mistakes will happen I guess.
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...which can be used as defense in many minor cases I'd guess!

I've got 3 accounts now here in Thailand, not a lot in those & might offload what is left onto crypto exchanges when 21/22 comes around - or just keep it in cash.

But I do not seriously think they'll be able to comply to CRS in a consistent way at all for a while, will look into that later I guess.

There is also some seriously interesting setup here if using a visa agent for retirement visa - I ended up doing this in the end this summer, I'd guess one of those branch managers might be approachable for dodging CRS somehow...