Posted By: bls
New Accounts - 04/07/06 02:17 PM
At a recent training seminar, our new accounts employees were told that whenever an unincorporated entity (other than a sole proprietorship) tries to open a deposit account, the Bank must obtain an EIN on the entity. If the entity does not have one, then the Bank needs to have a SS-4 completed for the entity. We were told that this goes for garden clubs, social clubs, class reunion accounts, etc.
My understanding was that for unincorporated entities that do not have an EIN, we could use the SSN of the main account user. Anybody have anything on point on this?
My understanding was that for unincorporated entities that do not have an EIN, we could use the SSN of the main account user. Anybody have anything on point on this?