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#2218652 - 07/29/19 05:35 PM CIP on beneficary of a trust
Sherri Offline
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Joined: Jul 2019
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Is CIP required on the beneficiary of a trust at the time the check is written to the beneficiary?

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#2218655 - 07/29/19 05:45 PM Re: CIP on beneficary of a trust Sherri
praBSA Offline
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Posts: 334
Not unless the beneficiary becomes a customer of yours...…….

I can envision a situation, depending on how your state laws work, where a totten trust, which passes $ on death, could make the beneficiary a customer once a death certificate is presented if they choose to be a customer at that point.

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#2218656 - 07/29/19 06:06 PM Re: CIP on beneficary of a trust Sherri
Sherri Offline
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Joined: Jul 2019
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On the bank side certain checking accounts are set up where the beneficiary becomes the owner - this would be different than a trust account correct?

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#2218658 - 07/29/19 06:12 PM Re: CIP on beneficary of a trust Sherri
praBSA Offline
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Joined: Aug 2018
Posts: 334
Not necessarily, a totten trust is a trust. The simple answer to your first question is... only when the beneficiary becomes a customer of the bank..

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