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#2118699 - 02/17/17 04:41 PM POA and POD
Tessie Offline
100 Club
Joined: Jan 2006
Posts: 155
Just wondering what some do on CIP for POA's and POD's. Our bank is saying we need CIP on POA's but not POD's. I know some people do not want people to know they have them on a CD, but how do you contact people if we don't have CIP information when it's time to pay out? And do you collect CIP on a Trust or the individual.

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#2118704 - 02/17/17 04:51 PM Re: POA and POD Tessie
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Since they are not a customer, we are not bound by regulation, or our policy, to collect CIP information for PODs.

Having said that though, we still try to collect as much information from the customer about the POD so that if and when they inherit any funds we can assure ourselves that they are the right person. Usually the customer knows the full name, date of birth, current address and relationship (if any) of PODs though they may not know their SSN.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#2118714 - 02/17/17 05:17 PM Re: POA and POD Doug Hendrickson
Tessie Offline
100 Club
Joined: Jan 2006
Posts: 155
So for trust accounts, do we need to get personal information on alternate trustees?

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#2118722 - 02/17/17 05:38 PM Re: POA and POD Tessie
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,657
The Country
Need is too strong of a word for this scenario.

As always, the more information you have on an individual the easier it is to ID them.
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A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

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