Comments on: What is Backup Withholding?

By: Steph

Steph — Fri, 13 Nov 2009 17:35:37 +0000

I’ve never had the bank loose anything, but this is good to know. I guess I should prevent things from happening before its too late!

By: Funny about Momey

Funny about Momey — Fri, 13 Nov 2009 03:51:35 +0000

It’s a good idea to scan or photocopy those documents. Then at least you have a record. The things banks “lose”: amazing!

By: Nickel

Nickel — Wed, 11 Nov 2009 23:43:52 +0000

VT: I actually recall having received forms from them on more than one occasion because we neglected to return the first batch. I’m quite sure that I returned the second batch, but they have no record of it. This actually dates back to when they were still GMAC, so it’s possible that something got messed up in the transition, or perhaps I’m just mis-remembering and we never sent them in.

By: VT

VT — Wed, 11 Nov 2009 22:40:26 +0000

I’m surprised you didn’t get a signature card. When they sent them for our CD, they messed up my name, and it took a bit to get things straightened out. We got several reminders to send the cards back in…

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Wed, 11 Nov 2009 20:44:03 +0000

One thing in your favor is that the withholding is a credit to your income tax, so while it may be an irritation to have it withheld, you won’t be out any additional money as a result.

The worst of it is that you’ll loose control of the money until filing time, but as you said it’s a small amount.