04/01/2013
We have an customer that is having his SSA check deposited to a business account (corporation). As a RDFI, when receiving pre-notifications for Government payments, is the bank responsible for verifying that the name and TIN on the prenote match the name and TIN on the deposit account? Or is the bank only responsible for verifying that the deposit account is a valid account.
02/18/2013
How's the best way to handle a request to change the primary owner of an interest-bearing account. Especially to ensure interest earned gets reported correctly. Or is it not advisable to do so?
02/11/2013
What support documents are sufficient to support a Sole Member LLC to use their social security number?
12/24/2012
Can a foreign person without a Social Security Number have an interest bearing account? How would you report the interest earned?
11/05/2012
Is a safe deposit box owner required to certify their SSN?
10/22/2012
One of our customers wants to bring a Boy Scout troop account to us. She has a TIN but has no documentation to confirm that it is correct. What documentation would we need to serve our customer and protect the bank?
10/01/2012
We have a Canadian person that wishes to open a checking account with us. This person has a passport but is not eligible to obtain an SSN in the US. What unique identifier do we use in place of the SSN? Should they apply for an ITIN or complete the W8 form?
10/01/2012
A joint account with right of survivorship that has a deceased primary owner: What are the ramifications of reporting interest earned on a deceased primary owner's SSN when an account has a surviving joint owner? Who is liable for these ramifications - we, the institution, or the surviving owner(s)? When a primary owner dies, we request that the surviving owner(s) close the existing account and re-open a new one in their name, but we don't REQUIRE it. Are we doing something wrong?
07/23/2012
Can the successor trustee use their name and Social Security number for titling with the trust name listed secondary? I have a copy of the appointment of successor trustee for my customer. She receives checks payable to her as successor trustee for the trust. Do I need the customer to obtain a TIN for the trust?
07/09/2012
If a primary account holder on an interest bearing account is a US person with an SSN, and the secondary account holder is foreign, is the secondary account holder required to provide a W8-BEN? If they are required to but do not provide it, what action should be taken on the account? The 1099-INT is provided to the primary account holder.