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#2237730 - 06/08/20 08:49 PM Identification for Minor's
Jenny Roberts Offline
100 Club
Joined: Feb 2014
Posts: 162
Tennessee
What types of identification do you use to identify minor's that want to specifically open checking accounts? (Parent is a co-owner)
School ID has been an option but it seems like a lot of schools are not doing these anymore, at least not in my area.

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BSA/AML/CIP/OFAC Forum
#2237746 - 06/09/20 01:59 PM Re: Identification for Minor's Jenny Roberts
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,293
Galveston, TX
If a teacher can confirm identity - so could a parent. Just make sure your board approved CIP policy addresses what is acceptable.

https://www.fdic.gov/news/news/financial/2005/fil3405a.html


6.Does the CIP rule prohibit a minor from opening an account?
No, the CIP rule does not bar a minor from opening an account. It merely states that the bank’s “customer” is the individual who opens the account for an individual who lacks legal capacity, such as a minor. In other words, if a parent opens an account for a minor, the bank’s customer is the parent. If, however, a minor opens the account, then the minor is the bank’s customer. For example, where a bank sends its employees to elementary schools so that students may open savings accounts as part of a program to promote financial literacy, a student opening an account is the bank’s customer. In this situation, as for all customers, the bank should get the name, address, date of birth, and taxpayer identification number of the student. Since verification procedures are risk-based, banks can use any reasonable documentary or non-documentary method to verify a student’s identity. In this case, the bank might verify a student’s identity using a student identification card or by having the student’s teacher confirm the student’s identity. (April 2005)
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#2237749 - 06/09/20 02:19 PM Re: Identification for Minor's Jenny Roberts
Jenny Roberts Offline
100 Club
Joined: Feb 2014
Posts: 162
Tennessee
Thank you!

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