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POD's SSN Required?

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When opening an account with a POD, do we need the POD's Social Security Number?

State law may dictate otherwise, but federal law does not require that you obtain the taxpayer ID number of a POD beneficiary. That said, it's good information to have later if the owner of the account dies with the POD designation still in effect. It will help identify the new owner of the account. In the event that your bank's Customer Identification Program calls for obtaining a beneficiary's identifying number, you will need to do so.

First published on 1/22/07

First published on 01/22/2007

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