Office of the Comptroller of the Currency

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Check Fraud: A Guide to Avoiding Losses

Guidelines to Consider When Opening Accounts

Although this list is not exhaustive, it provides some procedures a representative should consider applying when opening new accounts:

Request two forms of personal identification. Acceptable identification includes:

• Driver's license
• U.S. passport or alien registration card
• Certified copy of birth certificate
• Government, company, or student identification card
• Credit card.

Request documents on corporate accounts. Such documentation may include copies of:

• State incorporation certificate
• Corporate resolution
• Recent corporate federal tax return
• List of major suppliers and customers, with their geographic locations.

Require complete information. The new account card should show street address, date of birth, driver's license number, and social security number or tax identification number.

Verify information provided.

• Compare the date of birth on the application with that on the drivers' license, passport, or alien registration card.
• Check employment by telephoning the employer identified on the application.
• Look up the customer's name, address, and telephone number in the telephone directory.

Check the new customer's banking history. Contact the banks with which the customer reports having had prior relationships, if any, and ask for the customer's:

• Type of account(s) and balances
• Listed address(es)
• Taxpayer identification number.

Use the address provided. A nice way to do this is to write a thank you letter to the new customer using the street address provided. If the letter is returned, the bank knows to investigate the account.

Visually inspect business premises. Drive by the business address to see if it fits with the type of business reported.

New accounts representatives should refer all inconsistencies identified and any difficulties in the new account opening process to a supervisor.

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