We have had a request to open a supervisory account for a 12 year old via the FSA ( Farm Service Agency). The 12 year old will be given $$ by the government to purchase & raise cows (what was formerly the FFA is now the FSA I believe). His mother and he want to open a joint account so the funds can be wired in for his purchases. The FSA requires two agents to be counter signatures (account requires two signatures) - but they say they do not have to provide their SSNs. They have provided a Notice of Exemption from Requirement to provide SSN.

Has anyone ever run across this before?

Thanks.

I actually had this question presented to me this morning as well. One of our new accounts reps received the same letter when asking for CIP information. Not really sure what to do with it though.

Oh gosh! Please be clear in your understanding of FFA vs. FSA. FFA stands for a high school/college organization called Future Farmers of America. FSA stands for Farm Service Agency. Just so you know. . . the "FSA" aka Farm Service Agency, the agriculture finance division of the United States Department of Agriculture, has a loan program for minor children called the Rural Youth Loan. These loans are for a maximum amount of $5000 and are made to young people sponsored by a project advisor such as a 4-H club, FFA or local Ag instructor. These individuals must be at least 10 years old but not more than 20 years old to be eligible and reside in a town of less that 50,000 people. The interest rate is very low on these loans and FSA does require a supervised account to be opened for disbursement of the proceeds. Make sense?

Oh. . and by the way. . . federal agencies are exempt from CIP rules and regs.

Yes, but only if you address it in your board approved CIP policies.

Thanks! We chose not to open the account because we can not handle "two-signatures required" accounts. It is also not specifically identified in my CIP policies as an exception.

BTW - Girlsrope2 - I didn't need a lecture on FFA versus FSA - I just needed help with my question:-)

Girlsrope - I decided to reply to your very rude email message you inboxed me here. I did not need a lecture from you concerning FFA versus FSA - you need some manner lessons. Don't bother replying because this is the last time I'll be posting on this topic.

You can post replies on here without being a pompous jerk.

W

By the way - I am certainly not a city girl. Born and raised in Mississippi farm country land :-) I also don't make my bank's rules regarding two signatures - that isn't my call.