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#694396 - 02/28/07 02:41 PM W-8 or W-9
Rosebud123 Offline
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Joined: Oct 2003
Posts: 645
Florida
Do we really need a w-8 or w-9 when opening a checking account or any other non interest bearing account. Because the way I see it, it is an IRS form and these accounts will not be reporting any interest to the IRS.

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#694699 - 02/28/07 06:55 PM Re: W-8 or W-9 Rosebud123
Bobw Offline
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Bobw
Joined: Nov 2006
Posts: 336
New England
A tax id number is part of the CIP requirements under BSA
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#695281 - 03/01/07 08:23 PM Re: W-8 or W-9 Bobw
Rosebud123 Offline
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Joined: Oct 2003
Posts: 645
Florida
Yes, but you can just write the tax id somewhere in the file. I am referring to the actual w-9 form.

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#695288 - 03/01/07 08:38 PM Re: W-8 or W-9 Rosebud123
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
We have all new retail and loan customers sign a w9 certification for each new account or loan opened.

It is best for them to sign something, or someplace, that says states that is in fact is my SS#.
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#695338 - 03/01/07 09:27 PM Re: W-8 or W-9 #Just Jay
Anonymous
Unregistered

A tax ID # is not part of the CIP requirements unless it is part of your bank's policy. Patriot Act only says you have to get an 'identifying' number. Could be a driver's license number. A W-8 would be needed to certify an ITIN and a W-9 would be needed to certify a SSN. Our policy requires that we get a W-8 or W-9 signed and that we have a TIN for all accounts, interest bearing or not. The law doesn't say we have to do this for all accounts, only interest bearing account, but we elected to do for all accounts.

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#695456 - 03/02/07 02:13 AM Re: W-8 or W-9
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
quote]A tax ID # is not part of the CIP requirements unless it is part of your bank's policy......The law doesn't say we have to do this for all accounts, only interest bearing account, but we elected to do for all accounts. [/quote]


103.121(b)(2)(i)(4)

Identification number, which shall be:
(i) For a U.S. person, a taxpayer identification number; or
(ii) For a non-U.S. person, one or more of the following: a taxpayer identification number; passport number and country of issuance; alien identification card number; or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.

Can you explain why you think that a tax ID is not part of the CIP requirements??? If they have one - you have to get it, unless they are a non-US person.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#695499 - 03/02/07 01:08 PM Re: W-8 or W-9 rlcarey
Retired DQ Offline
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Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
We have them certify their SSN or TIN on the signature card itself, saves time and paper.
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#695525 - 03/02/07 02:13 PM Re: W-8 or W-9 Retired DQ
Rosebud123 Offline
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Joined: Oct 2003
Posts: 645
Florida
Ok. something up there confused me now. If they have an ITIN they have to sign a W-8. I have been having them sign W-9's.

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#696120 - 03/04/07 04:17 PM Re: W-8 or W-9 Rosebud123
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
The determining factor on the need for a W-8 vs. W-9 is whether the person is a "U.S. Person" and not whether or not they have an ITIN.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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