Common use of INTEREST WITHHOLDING Clause in Contracts

INTEREST WITHHOLDING. We may be required by Applicable Law to withhold a certain percentage of the interest credited to your account in the following circumstances: (a) you do not furnish to us your correct taxpayer identification number (TIN), which may be your Social Security Number; (b) the Internal Revenue Service (IRS) informs us that you furnished us with an incorrect TIN; (c) the IRS informs us that you are subject to backup withholding because you did not report all of your reportable interest and dividends on your tax return; (d) you do not certify to us that you are not subject to backup withholding; (e) you do not certify your TIN to us; or (f) any other circumstances prescribed by Applicable Law which would require us to withhold interest. If you do not have a TIN, you may apply for one by contacting your local IRS office. You may also contact your local IRS office if you would like additional information about interest withholding or other tax- related information. Our general policy and practice is to not open an account without a TIN.