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#1235727 - 08/20/09 01:12 AM CIP documentation
pepsionly Offline
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Joined: Dec 2006
Posts: 4
We have someone who wants to open a CD for a cemetary; Cemetary has EIN. Our main office insists that we acquire a copy of the original EIN from the IRS for documentation for the CIP. This has caused a lot of problems, especially unable to open accounts, because alot of times this document cannot be located by the person who wants to open the account. Any suggestions?

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#1235825 - 08/20/09 01:07 PM Re: CIP documentation pepsionly
John Burnett Offline
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John Burnett
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Posts: 40,086
Cape Cod
If yours is like most banks, the main office calls the shots. But sometimes the main office isn't connected too well to what's going on in the trenches at the branches.

If obtaining the IRS EIN assignment letter is a roadblock to opening accounts, and you believe that roadblock is unreasonable, talk to someone at the main office about getting the bank's policy or procedures adjusted so that you can accept some other form of documentation of the number, such as a copy of a tax document filing (a form W-3, which is used to transmit W-2 information on employee wages and withheld taxes at year end, comes to mind).
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John S. Burnett
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