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#107857 - 08/19/03 05:38 PM CIP Notice
AMXSteve Offline
Joined: Jun 2001
Posts: 75
Wilmington, OH, USA
I am curious as to how other institutions are wording their CIP notices. Are you just sticking to the model language, or are you adding any additional wording to the model language? We are thinking of adding a line at the end of the model language indicating that we may verify customer information through outside sources (e.g. ChexSystems, credit bureau). Is anyone else adding to the model language or just using it as is?

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#107858 - 08/19/03 05:41 PM Re: CIP Notice

We are sticking with the model language!

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#107859 - 08/19/03 05:47 PM Re: CIP Notice
DeeQ Offline
10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
Model language, too, just in a prettier format.
Get your facts first, then you can distort them as you please. - Mark Twain

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#107860 - 08/19/03 06:50 PM Re: CIP Notice
amccary Offline
Junior Member
Joined: Jan 2003
Posts: 41
We have also stuck to the model language.

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#107861 - 08/19/03 06:59 PM Re: CIP Notice
Kansayaku Offline
Diamond Poster
Joined: Jan 2003
Posts: 1,454
David has a really nice one on his website.

Banker's Compliance Consulting

It adds a bit of patriotic appeal to the model language.
I have many opinions; some are good, some are bad, and some don't contradict.

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#107862 - 08/19/03 07:51 PM Re: CIP Notice
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Thanks for the compliment kansayaku. We thought the patriotic wording made it more customer friendly and explained the purpose.
David Dickinson

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#107863 - 08/19/03 08:27 PM Re: CIP Notice
KK Offline
100 Club
Joined: Jan 2002
Posts: 249
Southern California
We've condensed the model language a little.

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#107864 - 08/21/03 08:52 PM Re: CIP Notice

We have also condensed the notice...Ours simply says...Hey Bud, hand over the drivers license.

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#107865 - 08/27/03 06:58 PM Re: CIP Notice
Tisa Offline
Platinum Poster
Joined: Jun 2003
Posts: 938
Do you know the way to ...
For our printed notice:
Since we're CIP-ing people who get added as new joint signers on existing accounts, we're adding wording that it pertains to new signers as well as new accounts. But it's pretty much staying close to the standard.

For our verbal notice (accounts initiated in the call center):
We decided the standard wording was extremely cumbersome for our call center reps to have to read, so we shortened it quite a bit for their script. That one currently reads:
“Federal law requires us to obtain and verify information that identifies each person on an account. We will need the names, addresses, dates of birth, Taxpayer Identification Numbers and other identifying information from each signer when you open an account or add any new signers.”

Still pretty nasty to have to read out loud to someone, but better than the long version.
Just a lowly 1st Year Law Student ("1L"), so don't take anything I say seriously!

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