PUBLIC FUND ACCOUNTS Description A business account set up for a public or governmental unit. If incorporated, see for documentation and set up. If not incorporated there is no standard “Corporations” document authorizing the opening of an account, it usually consists of a letter from the public unit. Insurance Public funds are insured for each unit of government up to $250,000. There are special rules governing public funds, please call the FDIC with particular concerns. PUBLIC FUNDS Public Funds Required Information on Public Name Fund: Address Taxpayer identification— The account will use (Before opening account) the employer identification number of the public fund. IRS Reporting: Report in EIN of Public Fund Documentary Requirements: Identification on person opening the account (Reasonable time opening) Authorization—You will need some authorization provided by the public fund for the person to sign. Bank Provided Resolution—There is no bank provided resolution. Bank Provided Signature Card—Bank provided signature contract and agreement. Only change and add signers with proper authority from the public fund. A CIP program must also have nondocumentary Suggested nondocument verification: verification. Suggestions include:
PUBLIC FUND ACCOUNTS Description A business account set up for a public or governmental unit. If incorporated, see “Corporations” for documentation and set up. If not incorporated there is no standard document authorizing the opening of an account, it usually consists of a letter from the public unit. Insurance Public funds are insured for each unit of government up to $250,000. There are special rules governing public funds, please call the FDIC with particular concerns. PUBLIC FUNDS Public Funds Required Information on Public Fund: (Before opening account) Name Address Taxpayer identification— The account will use the employer identification number of the public fund. IRS Reporting: Report in EIN of Public Fund Documentary Requirements: (Reasonable time opening) Identification on person opening the account Authorization—You will need some authorization provided by the public fund for the person to sign. Bank Provided Resolution—There is no bank provided resolution. Bank Provided Signature Card—Bank provided signature contract and agreement. Only change and add signers with proper authority from the public fund. Suggested nondocument verification: A CIP program must also have nondocumentary verification. Suggestions include:
DueHO2LG020516.docx