I am a tax payer, but Bank Of America charges me some federal withholding fee on my saving a/c.should I pay it

Answer 1

Do you have any contract agreement/ statement that mentioned about this type of fee? If I were you, I would check that out & then if nothing mentioned I would call their Customer Service.

Answer 2

Whenever you open a bank account you have to fill out a backup withholding form. You are only subject to backup withholding if the IRS notifies you that you are OR if you refuse to comlete and sign the form.

If you are subject to backup withholding, the bank will take it out of your account automatically; you don't get a choice on it. It is not a "fee" that they bill you for.