Importance of an accurate Tax Certification
As a U.S.-based financial institution, BankFund is required to collect a tax certification from
each account holder(s) to meet IRS reporting requirements for dividends, interest, and other U.S.-based
income. To do this accurately, we need you to complete and submit a tax certification.
When income is correctly reported, it prevents burdensome audits and the possibility of costly withholding of interest from your account.
Determine which form is right for you:
FORM W-9 is used if you are a U.S. resident/citizen and subject to U.S. taxes.
FORM W-8BEN is used if you require a foreign certification and are not subject to U.S. taxes.
Tip Not sure which one to use? While we can help with providing guidance on the forms, we are not tax experts. If you need assistance understanding your tax status and/or obligations, please seek a reputable tax advisor.
When Do I Need to Submit a Tax Certification?
You may be asked to complete a tax certification:
When opening a new membership.
When opening a new account or loan.
If your name, taxpayer ID, or tax status changes.
If the IRS or BankFund requests updated information.
Year-End Tax Forms
If you earned at least $10.00 in interest during the year, we need to report it to the IRS. We use Form 1099-INT to report this information for U.S. taxpayers and members without a valid tax certification. For non-U.S. taxpayers with a valid W-8BEN form, we use the Form 1042-S.
We provide you a copy of each form we send to the IRS. They
are available in Digital Banking within the Self Service section.