WASHINGTON–State Department FCU said it is partnering with American Citizens Abroad (ACA) to extend banking services to potentially thousands of Americans living overseas who currently are unable to or face difficulties opening U.S. bank accounts.
According to the credit union, the ACA/SDFCU Account, developed by ACA in cooperation with SDFCU, provides 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.
“As an organization, we identified a pressing need in the overseas community and have worked with our friends at the State Department Federal Credit Union to arrive at a win-win solution,” said ACA Executive Director Marylouise Serrato in a statement.
While there is no exact figure on the number of overseas Americans who are unable to maintain banking services back home, ACA estimates thousands may be affected and stand to benefit from ACA and the SDFCU partnering to offer these accounts. 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. A U.S. account makes it easier to maintain an IRA or other deferred compensation arrangement. It also simplifies investing in many types of mutual funds.
ACA and the SDFCU said they are making these accounts available to all ACA members living overseas. The accounts will allow Americans living abroad to more easily conduct financial transactions by gaining access to e-banking access, financial planning services, IRAs, share certificates, and much more.
“We are very grateful to SDFCU for their collaboration in this initiative,” said Anne Hornung-Soukup, ACA executive committee member. “Their professionalism and grasp of the issues facing Americans outside the US made this partnership possible.”
Americans overseas may sign up for ACA membership through the ACA website (https://www.americansabroad.org/) and from there individuals can link directly to the SDFCU’s account opening page.