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.

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.

So for trust accounts, do we need to get personal information on alternate trustees?

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.