09 Apr 2014

Stay in Banking Compliance with Completed TIN’s and W-9’s

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Banking Tip:

Complete TIN’s and W-9’s Within the First Week of Opening Up New Accounts

Keep Information and Funds Safe and Secure

bank-complianceYou become excited as you get assigned an new case and see new money coming in. As you log into your CaseLink account to enter in

Stay in compliance with banking regulations by ensuring that your Taxpayer Identification Number (TIN) is applied for and that your W-9’s are submitted within the first 30 days of opening up an account. TIN’s are needed prior to to making any banking transactions, including writing checks and conducting wire transfers.

TIN’s are applied for on a per case basis. At times you may find yourself involved in a successor case. It is recommended that you perform your due diligence to locate the TIN from the previous trustee handling the estate.

NOTE: Aim to get all TIN and W-9 paperwork completed and turned in within the first week of opening up an account.

You can quickly and easily apply for TIN’s using your CaseLink Office and CaseLink Web software.

Apply for TIN through CaseLink Office

Apply for TIN through CaseLink Web

Make sure to wait for your TIN to appear in your CaseLink Office and CaseLink Web software. Remember, only one TIN can be assigned per case. If you try to reapply through CaseLink or at the IRS.gov website you run the risk of receiving multiple TINs. If multiple numbers have been applied for, you will have to contact the BMS Banking Center to consolidate your accounts.

NOTE: TIN’s can take up to 3 business days to appear. 

The final step in this process is the signing your W-9’s. Before you can sign your W-9, a TIN must be assigned to you. W-9 signatures can easily be submitted through eSign. Once a TIN has been assigned, you can submit your W-9 granting you access to accounts so that you may transfer funds and write checks.

If you have any questions about setting up banking privileges for your employees, please contact the BMS Banking Center via email or call 800-634-7734 ext. 8.