Cash Transaction Reporting. All financial institutions must gather and report information on certain types of cash transactions to help law enforcement agencies detect illegal activities. We must refuse to handle a transaction if you do not provide us with the information required to complete the report.
Cash Transaction Reporting. To help law enforcement agencies detect illegal activities, the law requires all financial institutions to gather and report information on some types of cash transactions. If the information we need to complete the report is not provided, we are required to refuse to handle the transaction. If you have any questions regarding these rules, please contact your local Internal Revenue Service office.
Cash Transaction Reporting. To help law enforcement agencies detect illegal activities, the law requires all financial institutions to gather and report information on some types of cash transactions. If the information we need to complete the report is not provided, we are required to refuse to handle the transaction. If you have any questions regarding these rules, please contact your local Internal Revenue Service office. BACKUP WITHHOLDING/TIN CERTIFICATION Federal tax law requires us to report interest payments we make to you of $10 or more in a year, and to include your taxpayer identification number (TIN) on the report (the taxpayer identification number is your social security number if you are an individual). Interest includes dividends, interest and bonus payments for purposes of this rule. Therefore, we require you to provide us with your TIN and to certify that it is correct. In some circumstances, federal law requires us to withhold and pay to the IRS a percentage of the interest that is earned on funds in your accounts. This is known as backup withholding. We will not have to withhold interest payments when you open your account if you certify your TIN and certify that you are not subject to backup withholding due to underreporting of interest. (There are special rules if you do not have a TIN but have applied for one, if you are a foreign person, or if you are exempt from the reporting requirements.) We may subsequently be required to begin backup withholding if the IRS informs us that you supplied an incorrect TIN or that you underreported your interest income.
Cash Transaction Reporting. All financial institutions must gather and report information on certain types of cash transactions to help law enforcement agencies detect illegal activities. We must refuse to handle a transaction if you do not provide us with the information required to complete the report. (continued on next page) Account Ownership If this Account has multiple authorized signers, any or all of the authorized signers can make deposits, withdrawals and all other transactions in connection with this Account regardless of whether or not the other signers are living. We have the right to endorse any checks, drafts or other orders for the payment of money made out to any of the authorized signers. Once endorsed, we can deposit these Items into the Account. You can endorse Items for deposit by using a stamp to show a general endorsement for the Account. You agree to indemnify and hold the Bank harmless from any Loss in all respects in connection with any of the foregoing acts by one (1) or more authorized signers. All authorized signers agree to the Bank’s right of payment for any service charges or expenses due it under this Agreement. To change an authorized signer on an Account, you must execute a new signature card, resolution, or other document required by the Bank and we must have a reasonable opportunity to act on such information.
