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US Bank to deposit Italian BTP

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sinesolesileo
12/19/2019 15:58 EST

Hello I need to close my Italian bank account. The 2 services provided that force me to keep it are the payment of state taxes by a procedure called F24 and the custody of treasury bonds. I learned yesterday that an alternative to F24 exists that would allow me to pay Italian taxes by wire transfer from a bank anywhere in the world. I still have no alternative for the second issue. The treasury bonds (BTP) are traded worldwide but I do not know how. Is there a US bank that will be able to receive the bonds and keep them for me? I called Bank of America. They put me through to 3-4 offices, but nobody even understood what I was asking.

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HenryGiovanni
12/19/2019 18:13 EST

Hi sinesolesileo,
You don't mention whether you intend to stay or not. I don't have the info you seek, but, if leaving Italia, just "zero it out" (ie- down to USD $1.00 or whatever minimum) and leave.

I'm probably missing something in your question, but that's what I'd do if I was leaving.

Fact is, that's what I'd do even if I was staying. Move the money, leave the account. Sooner or later the charges will zero the account anyway. Let them come after you (for what?). Sooner or later they will close the account on their own initiative.

Sometimes rules are made just to see if you will follow them. That is not the path of independence.

Merry Christmas to you and to all readers of this site.
Cheers, John.

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Shtinky
12/20/2019 03:15 EST

Hi HenryGiovanni
Oddly that doesn’t work. The bank will continue to add their fees every month and the balance keeps getting more and more in the negative. We tried to close one account and open a second one at our bank and suddenly we owed €80 in fees. Showed a negative balance. I have a friend who’s ignoring her account and it’s down to -€900 . I don’t know how they’d get the money owed but best to actually go into the bank and close the account.

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sinesolesileo
12/20/2019 03:35 EST

Hello John, thanks, I need a US bank that will take the Italian treasury bonds for me. Closing the Italian account is not the issue.

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HenryGiovanni
12/20/2019 08:03 EST

Hi sinesolesileo,
Yeah, I thought I must have missed something. Try USAA. They were formed to help servicemen abroad, and presumably have seen this problem before. I think they recently (2 yrs ago?) opened their doors to non-military people. Also, they have an office in Germany. Call and ask. Or you can call this number toll free from Italy to reach USAA stateside:
00 800 53187220
Good luck.
Cheers, John.

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sinesolesileo
12/20/2019 15:58 EST

Hello John, thank you very much, I have called (I opened an account 10 years ago). They do not. After passing 2 offices I finally reached the brokerage accounts office. At least they know what a T bond is. They do not hold foreign T bonds but the term brokerage is the element that can lead me to find a firm that offers custody service.

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HenryGiovanni
12/20/2019 18:46 EST

Hi sinesolesileo,
Alas. Just a thought, and trying to help.
Good luck.
Cheers, John.

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