Plan account labeled with company name only

Hi,

An owner only DB Plan (100% owner -no partners etc.) opened account with Bank. Bank did not want to open pension account so he opened the account with the corporate name only and left out "Defined Benefit Pension Plan" on the account name. It is a checking account with no interest -so there are no issues of bank issuing a 1099 for interest income. Is this a big issue that the account is missing db plan on the label? Thank you.

1 hour ago, SSRRS said:

Bank did not want to open pension account

Then Bank should not have opened the account. Good grief.

Did they use the corporate EIN or at least use the TIN?

Likely nothing will happen, but it's stupid to me.

11 hours ago, Bill Presson said:

Then Bank should not have opened the account. Good grief.

Good grief indeed.

If they used the company name and the company tax id, then it's not exactly a stretch for someone (IRS) to say that they just shifted money from one business account to another and did not fund the plan.  It's a bigger stretch to say they opened a plan account.

Yikes. Company files for bankruptcy. Bank account is corporate property (from the face of it, anyway). Creditors get some or all of the bank account. Participants hurt. "Please provide name and physical address of the fiduciaries, for service of process."