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#360855 - 05/18/05 05:56 PM CIP for Business Signatories
cnakashige Offline
Member
Joined: Jul 2002
Posts: 61
Our application process, according to many of the staff, is quite onerous for opening deposit accounts specifically. We are trying to come up with methods to make the process more efficient. One item that we did implement with our CIP procedures was to follow our standard CIP procedures for all "signers" on business accounts. This does take some time and can be cumbersome for individuals who are only signers on a business account. Some questions I have regarding your bank's CIP procedures:

1) Do you have signers for business accounts complete a full application and follow all CIP/identification procedures?
2) If not, what procedures do you use for your signers on business accounts?

Thank you for any feedback you may have on this issue.

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#360856 - 05/18/05 06:09 PM Re: CIP for Business Signatories
Coming to Grips Offline
100 Club
Joined: Jul 2004
Posts: 166
nebraska
1. We do not require signers to complete an application. Only the account owner(s)-- those will authority and cotnrol over the account. If this is a business, we CIP the busienss. If it's a sole prop, we CIP the individual.

2. If someone is a signer, we require a resolution from the company indentifying those with authority to sign. We also require a completed signature card.

Of course, if the bank suspects something is not quite right or can't verify the identity of the business, then we may CIP the busienss owners, but it would be unusual for us to CIP the signers.
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#360857 - 05/18/05 07:49 PM Re: CIP for Business Signatories
yorockie Offline
Member
Joined: Jun 2004
Posts: 77
My own private island
We have a similar procedure to the one described by "Coming to Grips."

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#360858 - 05/18/05 08:07 PM Re: CIP for Business Signatories
Bankster Offline
Gold Star
Joined: Aug 2004
Posts: 440
Midwest
Our policy is to apply our CIP procedures to all signers of an account.

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#360859 - 05/18/05 08:12 PM Re: CIP for Business Signatories
Sound Tactic Offline
Power Poster
Sound Tactic
Joined: Feb 2005
Posts: 5,349
We do not CIP the signers, however we do have specific CIP requirements for entities.
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#360860 - 05/18/05 08:17 PM Re: CIP for Business Signatories
First Banker Offline
Gold Star
First Banker
Joined: Apr 2005
Posts: 403
Florida
Ditto Bankster

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#360861 - 05/20/05 05:47 PM Re: CIP for Business Signatories
Anonymous
Unregistered

We currently CIP the signers, but are considering changing our policy. Many signers (especially on large Corporate accounts) are not willing to provide their SSN or ID. We have lost out on new business accounts due to our policy.

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#360862 - 05/20/05 05:53 PM Re: CIP for Business Signatories
dare2dream Offline
100 Club
dare2dream
Joined: May 2005
Posts: 128
California
We do full CIP on our signers, but I'll be honest, I'm not sure about the full physical address. I know we do the Birthday, and TIN.

Food for thought!
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