06/16/2003
We have a customer who is in the car wash business and been with the bank 18 months. He routinely makes cash deposits over $10,000. We would like to exempt him. However, as he opens new locations, he puts each one under a new TIN. For the new locations (new TIN and new account number), do we have to wait 12 months on each before we could exempt the accounts?
06/02/2003
When opening an account for a new customer must the individual present his or her social security card or provide documentation to verify the SS#, as a result of the provisions of the USA PATRIOT Act? Is not providing the SS# along with proper ID enough? Many individuals don't have anything with the SS# on it or carry it with them. We don't want to turn prospective account holders away for not having their SS Card.
06/02/2003
I have a business customer who wants to dispute several transactions that were done with her visa/check card. I believe they don't qualify. The visa check card is in an individual's name, however it is hooked to a business account with an EIN #.
05/05/2003
Would an account set up for an estate qualify for a NOW account? If it does qualify would it make a difference if the SSN of the deceased is used or the SSN of the executor? We have some accounts that attorneys insist that we use the SSN of the deceased, even though the IRS specifically states that the SSN no longer exists when the owner of the SSN is deceased and that a EIN would be required. We could classify an estate as a fiduciary account, would that have any relevance as to the qualification for a NOW account?
04/21/2003
When opening a DDA in an individual's name, DBA as a company, can we use the individual's social security number, or are we required to use a business tax ID number?
08/01/2002
FinCEN and the financial regulatory agencies have finally proposed a rule under the USA PATRIOT Act to implement customer identification procedures. This isn't a surprise.
07/01/2002
We have a noninterest bearing account designed for "civic associations" e.g., girl scout troop #25; north metro soccer league, etc. Most of the time, the individual opening the account for this association wants to use their own social security number as the tax ID on the account as opposed to applying for a TIN in the name of the group. My CEO wants us to allow customers to do this so that it is "easy for the customer". These are "obviously incorrect" tax ID numbers in that the name of the account and the name of the individual do not match. Is this a problem?
07/01/2002
I am looking for a training tool or IRS publication that covers TIN compliance. This would cover how to properly enter the names of individuals, businesses and trusts along with the corresponding TIN to avoid "B" notices later. I currently have a copy of a training tool that is eight years old and the consultant that created this reference guide is no longer in business.
05/16/2002
04/01/2002
What is the difference between and irrevocable trust and a revocable trust?