[Villages PL]

I finally got around to reading all the fine print of account rules for my new Synchrony Bank account. The account was opened over the phone several days ago and all I need to do is send in a check along with my signature on a form they provided.

But I just noticed something. There's a statement in bold print that says I must send it in within 15 days or be subject to back-up withholding. What does the number of days have to do with back-up withholding? I never had to do back-up withholding before so I'm not quite sure what it involves or how much trouble it will cause.

I just did some online research but don't see anything to explain what 15 days has to do with it. I'd call the bank but they are closed today.

Has anyone heard of this requirement?

[scroll]

Do not worry it is just a bank policy to ensure they have a valid social security number on file. If you file a federal income tax return then if they do take back up withholding from you, you will be able to claim it on this return. This does not effect your credit fico score or increase your chance of an audit by the IRS. It is no big deal and if there becomes a mix up it can be resolved quite easily.

[Villages PL]

Originally Posted by scroll

Do not worry it is just a bank policy to ensure they have a valid social security number on file. If you file a federal income tax return then if they do take back up withholding from you, you will be able to claim it on this return. This does not effect your credit fico score or increase your chance of an audit by the IRS. It is no big deal and if there becomes a mix up it can be resolved quite easily.

Thanks!