question for MA preparers

[taxmom34]

could ATM access be considered physical presence in MA, and excluded as MA bank interest?

[Kram BergGold]

My opinion

To me, the bank must have a brick and morter presence in MA and you must bank at that location.
I am going to a confernece in 3 weeks given by the DOR. If you give me an example I wil ask them.

[taxmom34]

I HAVE SAVINGS account at capital one 360 (bought ING direct) . I don't think they have a bank in MA but they do have a number of ATM's that I can go to and withdraw from the savings. thanks in advance.

[ATSMAN]

I also had an account with ING Direct and the interest from that was NOT on line 5. On line 5, I only included the interest received from my credit union, physically located in MA and United Bank where my business account is.

[taxmom34]

just wondering if capital one has physical presence in MA. when it was ING I listed interest separately from MA banks. just that now that capital one has ATM's set up all over MA does that qualify as physical presence. this is my first year of trying to put it with MA banks.

[ATSMAN]

just wondering if capital one has physical presence in MA. when it was ING I listed interest separately from MA banks. just that now that capital one has ATM's set up all over MA does that qualify as physical presence. this is my first year of trying to put it with MA banks.

Give them a call tomorrow with that question. I don't think Capital One is a state chartered bank. ING Direct allowed ATM access in MA also through other ATM networks.

Division of Banks
1000 Washington Street, 10th Floor
Boston, MA 02118-6400
(617) 956-1500
(617) 956-1599 (FAX)
(617) 956-1577 (TDD)

[Gary2]

Strictly speaking, the account has to be at a Massachusetts branch of the bank. So, for example, an account opened at a CA branch of BoA won't qualify, even though they certainly have MA banks. I've never seen MA try to enforce this; I just recall reading it in some ruling a long time ago.

Since the maximum exclusion is $100 per TP on return, this is only worth $10 or $11 for a joint return, $5 for everyone else - which no doubt is why MA doesn't put a lot of effort into examining it. For many people, it won't even matter, because they'll hit the $100 limit on other accounts for which there's no question of the bank being in MA.

By the way, I think Capital One does have a small number of real branches in MA.