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Non-Profit/Charity As Beneficiary On Deposit Acct

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Question: 
If a customer names a non-profit or charity a beneficiary on their deposit account, do we have to obtain that non-profits tax ID number like we do for individuals?
Answer: 

Whether your customer can name an entity as a POD beneficiary under any circumstance is an issue which can only be resolved by a review of the law in your state. Without doing so, you cannot assume that it would be effective at his death.

Beyond that, the CIP regulation only applies to "customers." A POD beneficiary is definitely not a customer; you are not required by law to get an identifying number from a POD beneficiary.

First published on 01/27/2014

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