CIP - College Student Physical Addresses

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Question:

With regard to the CIP rule for physical addresses, does anyone know if a college address (i.e., ASU Box 123) can be considered acceptable?

Answer:

I don't think so. The regulation calls for a residential or business street address. My dorm room at college was very small, but it was not a post office box. I had a physical address like 920 Jones Hall, 995 Smith Ave (college name), City, State, Zipcode. I also had a post office box address on campus. For CIP, you're supposed to be able to find the individual, not his or her mail. Equally acceptable, by the way, would be a permanent residence address (back where the college bills are paid?) If I were the banker, I'd want the local (dorm) street address, but be prepared for resistance.

If your bank is in a "college town," you should determine in your CIP whether you'll accept a home (permanent) street address instead of the local (dorm) location. That might be a needed adaptation for your CIP to accommodate students who might be leery of sharing their dormitory addresses for security reasons.

First published on BankersOnline.com 8/06/07