If an individual wants to open a club account, they do not want to apply for a TIN, is the only other alternative to have the individuals opening the account use their personal SSN? What tax consequences will it impact their SSN? Expect opening balances to be around $5,000 pay bills for camping, etc.

Thanks,

CIP regulations require you to obtain the individual's SSN and other ID information if the club doesn't have its own legal existence under the laws of your state. But if the account will earn interest, IRS regulations require that you get an EIN for the owner of the account, whether or not it has a separate legal existence.

If they want to open it in the Club name, must it have a TIN or an individuals SSN will do. Sorry we do not open these accounts. Not sure on the specific details.