Why do Banks and Other Lenders Require an EIN? Banks and other lenders require an EIN for the same reason that they require Social Security numbers of individual consumer customers—to track and report tax information. Many businesses have tax obligations related to their financial accounts for reasons that are as varied as the companies themselves. For interest-bearing deposit accounts, there might be additional tax obligations that come from the income generated by that interest. For loans, it can be a number of factors, including tax incentives and credits related to paid loan interest. How Quickly Can I Use My EIN for Banking Purposes? In theory, you can start to use your EIN or FEIN as soon as you receive it, but in practice, the record might not be active in every single database right away. While you probably don’t want to wait until you get the paper record, you will want to be patient if there are delays processing documents before it comes in. Your record will appear in all relevant databases as it percolates through the various systems it needs to be recorded in, so you can count on it and use it right away. Is There Any Circumstance Where an FEIN is Needed Over an EIN? No. The two terms are interchangeable, and if you have one number, you can enter it into forms that ask for the other. They are both terms for unique 9-digit tax identification numbers provided by the IRS to companies in the U.S. There is no reason why you need to go out of your way to access an FEIN if you have an EIN or vice-versa. Apply for Your EIN Today If you are ready to apply for your EIN, the process is simple:
Now you don’t have to be confused anymore about the differences between an EIN and FEIN–they are the same thing. If you need to get one, apply for an EIN online with GovDocFiling’s streamlined application process. As of February, 2003, SRM Domestic Customers are required to submit their Tax Identification (TIN) number. Please see the following Frequently Asked Questions (FAQ) for information. What is a TIN/EIN?
Top of Page I am confused, are TIN/EIN the same thing?
Top of Page Why do you need our TIN/EIN number?
Top of Page Our company is exempt from taxes on purchases; can you accept our tax exemption certificate/number?
Top of Page Our company is exempt from taxes on purchases; therefore you should not need my TIN/EIN number.
Top of Page We are tax exempt; if we provide our TIN/EIN will you be assessing tax on our purchases?
Top of Page I do not know what my TIN/EIN Number is, how do I find out?
Top of Page I do not have a TIN/EIN number.
Top of Page I only placed one SRM order and I don't anticipate ordering anything else. Do you still need my TIN/EIN number?
Top of Page Will I have to provide this information every time I place an order?
Top of Page Who will have access to this information?
Top of Page How do I provide this number?
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