We have a CD customer who is six months into a twelve month CD, and he wants to have the interest reported under the co-owner's SSN instead of his. He is currently listed as the primary. Can we make this change?
I am working on my red flag program. One of the red flags is the Social Security numbers does not correspond with the date of birth. I have been on the Social Security and FTC websites looking for a list that we can use to verify that the number does correspond to the date of birth, but I cannot locate any chart to assist with this. Do you know where I can find this information?
Does the bank need to report the interest earned on an account of a foreign individual with a SSN not valid for employment? Does it need to report the interest earned on an account of a foreign individual with a SSN valid for work only with DHS authorization? Does it need to report interest earned on an account of a foreign individual with ITIN?
I am a new compliance officer and in the process of developing a procedure pertaining to ID theft. How do some institutions handle holds on accounts for customers that are a victim of identity theft (FACT ACT)? I know that we could close the deposit account that is affected by the ID theft and reopen a new one, but what about the other deposit accounts the customer has with our institution?
On mortuary trust accounts, can the trustee sign the W-9 form on behalf of the customer and certify that there is no backup withholding, or do customers have to sign for themselves?
Opening a non-interest bearing account without a Social Security number. While several banking rules and statutes require an SSN to open an account (like the Patriot Act), they do not specifically apply to non US citizens. What is the procedure for opening such an account and what documentation is required?
Question: We opened an account for a customer and collected information required by our Customer Identification Program.
I have an Illinois UTMA account in my son's name. He turned 18 this year. Can I withdraw the funds for him and pay the taxes myself, as custodian? Am I able to close the account and be responsible for any taxes?
Is there a Regulation against making and keeping a copy of a customer's social security card?
If a sole proprietorship account is styled Jane Doe dba Jane's Jeans, we would use Jane Doe's SSN for the tax ID. If Jane's Jeans has its own EIN, should the account be styled the same? I always understood the first name on the legal title should match the tax ID number.