Here is an example of such a letter received by one of our clients in Switzerland:
If you are not currently compliant, the approach we recommend is the following:
Please respond to the bank immediately and tell them you are in the process of filing. Ask to set up a timeline within which you will provide proof of compliance. Banks will generally give you a span of 30 to 45 days to file. They don’t want to lose a client, but they will want to see that you are not simply ignoring them.
Contact a professional U.S. expat tax preparation company to take care of this for you (many people think we are pretty good at it). If you were not working against the clock, you might try to do it on your own, but this is not something we’d advise if your bank is already on your case. You want to have this done quickly and accurately.
If you come to us, we recommend that you take advantage of the Streamlined Filing Procedure. Through this program, you’ll become fully compliant with the IRS without the risk of penalties. Joining it requires completing and filing tax returns for the past three years and FBARs for the past six years. See the total cost here. The average processing time is about a month, giving you enough time to report back to your bank.