Account Opening: Should we be photocopying identification? Are we required to?

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Question:

When opening an account for a non-profit organization with several signers maybe 6, are we required to make a copy of ID and SS card as ID. If not required are we legally allowed, this org is refusing to do so.

Answer:

I know of no requirement to copy IDs.

In most cases there is discussion about doing this and the possibility of lenders or collectors getting them and having fair lending problems because of it.

First published on BankersOnline.com 11/5/01