The truth is they offer no confidentiality & little or no protection against theft at all.

See article below for which this is my comment!

This is a new attack on any gringo who has any assets abroad!

Offshore Tax Evaders Deserve No Sympathy! What dream world does this WSJ writer live in?

He says:
* [USA banks] don’t offer ironclad secrecy in the face of a legitimate, court-sanctioned subpoena, which means it doesn’t lend itself to tax evasion.*

Grandpa says:

The truth is they offer no confidentiality & little or no protection against theft at all.

Any teenage old punk kid who works for the irs can with a simple form, sniff into or freeze & seize any USA bank account of any amount for any reason without any court orders or hearings!

Anybody [private citizen or corp.] with any claim, no matter how far-fetched, can easily get a temporary ex-parte [one sided without any opportunity to defend!] injection to freeze any USA bank account …Then, it may be years & thousands in legal fees till it can be unfrozen.

Anyone can get info from a USA bank by just asking or using simple subterfuges. Any identity thief can empty a USA bank account pretty easily.

A credit card company can grab essentially as much as they claim is due, without anybody stopping them.

Any USA bank can call any slightly unusual or irregular transaction “suspicious” & that alone will possibly trigger a seizure of that account.

The only solution to any American’s quest for privacy or security is NOT to EVER use an USA bank except for bill paying ”pin money.”

Serious bank & credit security doesn’t exist in the USA. Of course, anyone with half a brain & substantial assets might try to get some additional protection by keeping some of his assets parked “offshore” where they are not subject to theft and arbitrary seizure. Taxes have little to do with it.

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