An expat advocacy organization said Tuesday that it has partnered with the State Department Federal Credit Union to extend banking services to potentially thousands of Americans living overseas who currently are unable to or face difficulties opening U.S. bank accounts.
The organization is American Citizens Abroad.
The bank accounts would provide the same type of account used by many Americans working at U.S. embassies to other Americans living anywhere in the world, without needing to have a U.S. address or being affiliated with a government agency, American Citizens Abroad said.
Americans living abroad often require a U.S. bank account to pay bills for an elderly parent in the U.S., pay school fees for a child in school in the U.S., make tax payments, and conduct dozens of other normal, everyday banking transactions, the expat organization said. A U.S. account makes it easier to maintain an IRA or other deferred compensation arrangement, it noted.