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#2165713 - 02/23/18 09:40 PM beneficiary TIN required?
crc Offline
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Joined: May 2004
Posts: 150
South Dakota
Does the bank have a regulatory requirement to obtain the TIN of an account beneficiary?

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#2165714 - 02/23/18 09:42 PM Re: beneficiary TIN required? crc
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
No.
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#2165718 - 02/23/18 09:47 PM Re: beneficiary TIN required? crc
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
As indicated, it's not required by any law or regulation.

Some banks want it to verify that they have the "right" POD beneficiary; e.g. some families (mine) have two family members with the same name. In the case of IRAs some banks simply demand it because they may ultimately have reporting responsibilities involving the beneficiaries.
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