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Remove Joint Owner of DDA Acct Due to CIP Info?

Question: 
Can we remove a joint owner of a DDA account if they did not provide CIP information within a reasonable period of time? We have the primary account holder's information so we don't want to close it. However the joint party never returned with their information, even after notices were sent.
Answer: 

by Randy Carey: I am not sure why not. However, most banks don't open accounts or actually add someone to an account without completing CIP. You might want to revisit your procedures.

Answer: 

by Andy Zavoina: I would suggest that just as in the case of a divorce, a new account be opened and this one closed. The bank allowed the person to be on the account, so returning items, paying a check, discussing the account with the non-CIP'd person, etc, will all be difficult. As Randy noted, the bank put the cart before the horse on this one.

First published on 10/14/2018

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