Usually foreign stock is held by Americans in the form of ADRs (American depository receipts) in their brokerage account in the US.
Is your asset is actual foreign stock held in a financial account located in a foreign country, or any other financial asset held in a financial account located in a foreign country, then answer Yes to the question on Schedule B.
The account does not have to be a bank account
If you want to avoid reporting requirements, move the shares to a brokerage account in the US (if possible).
OR, sell them.
Are you reporting your dividends? All dividends have to be reported.