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New W-9 for Account Owner Switch

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Question: 
If a customer chooses to have his/her name removed from a CD and he/she is the primary owner, meaning he/she signed the W-9 verification, is it necessary to have the new owner sign a W-9, since any interest earned will be reported with the new TIN number?
Answer: 

Yes. The certifications on the W-9 constitute your due diligence defense in connection with information reporting on the new name/TIN combination.

(The preferred practice for changing ownership on a time deposit is to close out the old one and issue a new one.)

First published on BankersOnline.com 1/17/05

First published on 01/17/2005

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