CIP and Savings Bonds

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Question:

If we cash in a savings bond for a non-customer, are we required to have that non-customer fill out a form for CIP purposes and verify ID?

Answer:

A person redeeming a savings bond is not establishing a "formal banking relationship;" they are not opening an account. CIP does not apply. Follow whatever requirements there are for redeeming savings bonds generally.

First published on BankersOnline.com 10/6/03