Do I need to file FBAR with 1 foreign bank account having a balance of less than $1000?

[shaleensomani]

I have only 1 foreign bank account having a balance of less than $1000.

I read on this forum that FBAR is required only of foreign account(s) have a total of over $10000.

But I see the form 1040 has this section:

Q1) So here do I say Yes or No ?
If I say 'Yes' here,  do I file FBAR ?

Q2) Is there any difference between FBAR and FinCEN Form 114 ?

Q3) Am I required to file 8938 (FACTA) ?

[DaveF1006]

If you are referring to the question about FinCen Form 114, this would be a no answer. FinCEN 114 and FBAR is same thing. FinCEN 114 is the name of the REPORT that the Dept of Treasury uses to report Foreign Bank and Financial Accounts (FBAR) with a financial interest in, or signature or other authority over, one or more foreign financial accounts with an aggregate value greater than $10,000 at any time during a calendar year.

You are not required to file 8938 if your account balances below $10K. The reporting thresholds are much higher than the FBAR reporting requirements.

@shaleensomani