Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
A W9 form for the HOA?
Old 02-26-2019, 01:16 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 2,559
A W9 form for the HOA?

I'm the treasurer of our over-55 HOA.

I recently got a request from Wells Fargo to fill out a W9 form.

It says "We are updating our records to reflect the current information for any
Homeowners Association that collects the HOA fees for property located at
[the address of one of our units]."

I'm new to this position, but I haven't found notes indicating that this form has been requested in the past.

Any idea what is going on here? I'm only familiar with W9s in the context of independent contractors, not mortgage holders.

I do know that the tenants of this unit have had some financial hardship recently.
__________________

__________________
Old enough to know better.
joeea is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-26-2019, 01:37 PM   #2
Thinks s/he gets paid by the post
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 4,890
do the HOA fees get paid out of an escrow account?
__________________

__________________
Swing hard, look up
Big_Hitter is online now   Reply With Quote
Old 02-26-2019, 01:48 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 21,427
I think I would ignore it.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is online now   Reply With Quote
Old 02-26-2019, 01:54 PM   #4
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,157
Quote:
Originally Posted by pb4uski View Post
I think I would ignore it.
I tend to agree The only reason why they would need this information is if your account is interest-bearing and they have to report that interest to the IRS. Usually, they collect that info when you open your account, so I'm pretty sure they already have it on file and I don't know why they would need to "update" it.
euro is offline   Reply With Quote
Old 02-26-2019, 02:03 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 2,559
Quote:
Originally Posted by Big_Hitter View Post
do the HOA fees get paid out of an escrow account?
For this individual homeowner? They haven't been so far.
Perhaps that will be changing?
__________________
Old enough to know better.
joeea is online now   Reply With Quote
Old 02-26-2019, 02:05 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 2,559
Quote:
Originally Posted by euro View Post
I tend to agree The only reason why they would need this information is if your account is interest-bearing and they have to report that interest to the IRS. Usually, they collect that info when you open your account, so I'm pretty sure they already have it on file and I don't know why they would need to "update" it.
The HOA has absolutely no connection with Wells Fargo (the bank that is requesting the W9). It's only this one homeowner who appears to be associated with them.

Our money is kept in several interest-bearing accounts at other banks.
__________________
Old enough to know better.
joeea is online now   Reply With Quote
Old 02-26-2019, 08:59 PM   #7
Recycles dryer sheets
 
Join Date: Feb 2017
Location: SF Bay Area
Posts: 321
Quote:
Originally Posted by Big_Hitter View Post
do the HOA fees get paid out of an escrow account?


I had the same thought. Before proceeding, perhaps a chat with this homeowner would clear it up.

Itís been a long time since my involvement with an HOA, but ours was tax-exempt. If yours is also, just complete the form, making sure to chose the correct exemption code to indicate this and send it back. Not really a big deal.
ocean view is online now   Reply With Quote
Old 02-27-2019, 08:39 AM   #8
Recycles dryer sheets
Offgrid Organic Farmer's Avatar
 
Join Date: Feb 2018
Location: An Un-Organized Township of Maine
Posts: 482
They just want to have your TIN on file. No big deal.

We own two LLCs, every bank wants a copy of our W9s.
__________________
Retired at 42 and I have been enjoying retirement for 18 years [so far].
Offgrid Organic Farmer is offline   Reply With Quote
Old 02-27-2019, 12:40 PM   #9
Thinks s/he gets paid by the post
Gotadimple's Avatar
 
Join Date: Feb 2007
Posts: 1,960
If you have no business relationship with this bank, I would call them and ask why they need info from the association. The association doesn't own the unit the homeowner (and any lender does). I wouldn't release the HOA TIN without a good reason.
__________________
Only got A dimple, would have preferred 2!
Gotadimple is offline   Reply With Quote
Old 02-27-2019, 12:51 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 2,559
Quote:
Originally Posted by ocean view View Post
I had the same thought. Before proceeding, perhaps a chat with this homeowner would clear it up.

Itís been a long time since my involvement with an HOA, but ours was tax-exempt. If yours is also, just complete the form, making sure to chose the correct exemption code to indicate this and send it back. Not really a big deal.
The homeowners pay their monthly dues by check. No escrow.
__________________
Old enough to know better.
joeea is online now   Reply With Quote
Old 02-27-2019, 01:57 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 8,697
IIRC, my HOA had to pay a small income tax on interest accumulated on money in savings accounts.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 02-27-2019, 03:03 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 2,559
Quote:
Originally Posted by Chuckanut View Post
IIRC, my HOA had to pay a small income tax on interest accumulated on money in savings accounts.
We do as well. But we haven't encountered a bank asking for our TIN before.
__________________
Old enough to know better.
joeea is online now   Reply With Quote
Old 02-27-2019, 05:04 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 2,559
So I just heard back from the homeowner.

She called Wells Fargo. She said that Wells Fargo indicates that they didn't make this request and wouldn't make this type of request. Should they ever require any information they would send her a letter directly, and they haven't done so.

The email has been forwarded to Wells Fargo's fraud department.

Thanks for everyone's input.
__________________
Old enough to know better.
joeea is online now   Reply With Quote
Old 02-27-2019, 05:36 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 21,769
Whoa, email fraud! Glad you didn’t release any sensitive info!

Are emails of HOA treasurers listed somewhere? How did the fraudster know to target you? Or was it sent to the HOA email address?
__________________
Retired since summer 1999.
audreyh1 is offline   Reply With Quote
Old 02-27-2019, 05:48 PM   #15
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 2,559
Quote:
Originally Posted by audreyh1 View Post
Whoa, email fraud! Glad you didnít release any sensitive info!

Are emails of HOA treasurers listed somewhere? How did the fraudster know to target you? Or was it sent to the HOA email address?
It was sent to a generic address used by the HOA. I got it because I have all the emails from that address routed to me.

Whoever sent it mentioned the homeowner's address specifically and apparently either knew or guessed that their mortgage is held by Wells Fargo.

Very strange. Very puzzling. But according to the homeowner, not real.

Having worked in software and having done a fair bit of software security work, I'm always suspicious of unsolicited emails. This one wasn't obviously a scam (it didn't have odd return email addresses, didn't have an attachment, etc). It seemed legit, but served no legitimate purpose that I could discern. That's why I posed my question here.
__________________

__________________
Old enough to know better.
joeea is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Taxes: Form by form instead of interview? TromboneAl FIRE and Money 4 03-28-2016 12:03 PM
dallas x marriedw/children x csi miami x desperate housewives.. life in a FL HOA ladelfina Other topics 4 03-23-2007 02:08 PM
Question for HOA Officers and others Sundance Kid Other topics 12 09-28-2006 10:51 AM

» Quick Links

 
All times are GMT -6. The time now is 10:02 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.