Hello, I opened a savings account at https://securelogin.synchronybank.com/myaccount/loginUserActionGetOnly and now they have sent me a w-9 form? why? Please be clear.

Forum|Forum|7 years ago
June 1, 2019
4 replies
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I opened the account because they give 1.01% interest rate but wasnt expecting a w-9 form. What does this mean? Do i have to pay money to IRS now? If yes, then how much on a 20K?

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VolvoGirl

Level 15

Didn't you give them your ssn when you opened the account? They need it to report any interest you earn on it.

Critter

Level 15

If you don't send them the W-9 as requested then they must withhold 30% in federal taxes from your interest income. Comply with the request.

pammi-8807Author

Level 2

thats weird. i did give them my SSN when signing up. My only concern is that i dont want to pay any money or put this in my taxes otherwise earning any interest rate in that account will be useless.

null725

Level 13

They sent you a W-9 to get your Social Security number that they need to report interest that you earn on the account. Just fill out the W-9 and send it back to them.