Is an EIN required to open an account such as a class reunion account, or is it ok to use the SSN of the signer?
Can co-trustees of a revocable trust open two accounts in the trust's name using one trustee's SSN for one account and the other trustee's SSN for the other?
If a sole ownership is to be opened, using an EIN, does it matter what order the name lines are in at the account level as long as the tax reporting is under the EIN? We are thinking: 1. Sally Joe ... 2. DBA Sally Joe Crafts EIN and tax reporting Line is #2.
We have been been notified that the sole owner on an interest bearing account is deceased. It has been several months and the personal representative has not come in yet to close the account. Should this checking account be changed to a non-interest bearing account?
Can a DBA business account having more then one employee report under a SSN and not a TID?
The customer signed for the EIN for his DBA account. If we open an account under the customer's name, it might affect his taxes. How do we title the account, so that the taxes are done correctly and they are filed under the EIN, not his personal SSN. [Jane Doe - SSN(the owner_ DBA Jane Doe -EIN]
Regarding automated telephone banking systems, customers can currently inquire (get account balance and info) by phone with their account number and last four digits of their SSN. If they want to transfer funds between their accounts, they must complete an application. My bank wants to give automatic access to transfers too. I'm concerned about Reg E issuing access device rules. Is calling the number and following the steps, "requesting" the access? We have new operations personnel who say all banks do this automatically. Other banks don't have customers fill out a form or call and talk to someone, it is all done through the automated phone system. Does this comply?
We have a customer who runs an insurance agency titled under his name,(John Doe, Agent). If he wants to open an account so that the premiums he collects on behalf of certain companies can be swept out by ACH on a regular basis, how should it be set up? He is a sole proprietor; should he have access to the funds, TIN or SSN for the account? He wants "trust account" in the title. What if he receives an IRS levy, could these funds be taken? Please let me know the appropriate way to set up this account type.
While cashing a check issued by its customer to a third party, is it mandatory for the paying bank to obtain the Social Security Number of the payee apart from photo ID details? If not, and if the transaction results in filing a CTR, what is the recourse?
For a single member LLC who is using her personal SSN, how should this get reported to the IRS without causing troubles with the name/TIN matching?