We have a business customer which changed its EIN number. The title of the account and the signers remained the same. It's also still the same business. Do we have to do a new signature card to reflect the new EIN? or can we keep the existing signature card?

How does a business go about "changing" their EIN and why?

This sounds very suspicious/strange to me. How can a single business have two different EINs?

Perhaps they've changed their business structure, for example from a Sole Proprietor to a Corporation.

If they change the business structure they would be a different enity. I would close the account and open a new one.

I agree with EdAudit. If it's a whole different entity, the account would have to be closed and reopened with the correct information for the new entity. I would also require a new corporate resoution, Articles of Incorporation, etc.

It's not like changing a phone number or something simple. The EIN change is a big deal, to me, and I would definitely require new account and new signature cards, new disclosures, the whole nine yards.

There could be a possibility if an LLC (or other entity) added a member to go from a single member entity to a multi-member, thusgoing from being disregarded by the IRS to having to file its own tax returns. The entity would then still be the same entity legally, but would need an EIN to file. Whether a new signature card would be needed would then be a question for internal policy. Just my thoughts.

Under those circumstances, at the very least I would recommend obtaining a new W-9 from an individual authorized to act on behalf of the business.

I'm so sorry I didn't respond to anyone. Out on emergency. Thank you so much for your responses. It's a non-profit account which changed its business structure so they obtained a new EIN. This is really all I know, since of course, our employee didn't ask many questions. I was thinking I had to obtain a new sig. card since I would consider it a new entity. Thanks again for your help!!

Without additional details, it's hard to recommend a course of action. A "change in business structure" generally would require the account being closed and a new account being opened. It sounds as if this is a new "person" and it should be treated as such to ensure appropriate documentation of all changes, risk rating, etc.

Sounds like the non profit was unincorporated before and now is? If so, the previous EIN assigned would be for the organization, the new EIN assigned to the corporation. I believe it is always advisible to close the old and open the new, allows for cleaner reporting.