Any Reason not to give SSN to bank?
Jul 23rd 2008, 2:45 am
#1
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Any Reason not to give SSN to bank?
We have applied for a Credit Card from Bank of America.. They have asked for us verify our SSN.. and a copy of utility bill etc... I thought they already had our SSN...? Maybe not... Anyway is there any reason NOT to give them it... My sister (USC) has frightened the life outta me, telling me to give it to no-one noway!!...
Jul 23rd 2008, 2:52 am
#2
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Re: Any Reason not to give SSN to bank?
We have applied for a Credit Card from Bank of America.. They have asked for us verify our SSN.. and a copy of utility bill etc... I thought they already had our SSN...? Maybe not... Anyway is there any reason NOT to give them it... My sister (USC) has frightened the life outta me, telling me to give it to no-one noway!!...
Last edited by ugacrew; Jul 23rd 2008 at 2:55 am.
Jul 23rd 2008, 2:58 am
#3
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Re: Any Reason not to give SSN to bank?
You are required to give it to them. I see nothing wrong as long as you do it in person and see exactly how your paperwork is being handled. It's the only way they have to positively report to the Feds in case hanky panky goes down with your checking account. Plus it's one extra step they use to identify you. Imagine me going into a bank with just your name and address and forged drivers license, licenses that no longer display SSN's. It would be so easy for me. So take solace in this extra measure. Checking your credit report once a year will help you with fraudulent activity such as identity theft. Not withholding your SSN from any and everyone, especially an institution such as Bank of America.
We have to send a copy of OH's SSN card... is that ok too...??
Jul 23rd 2008, 3:02 am
#4
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Re: Any Reason not to give SSN to bank?
I'm kinda iffy on the electronic transmission of such information outside of secure channels. Is there a way you can have your documents processed at a branch? I do find it odd that they need an actual copy of the card. I've never been asked for mine, however this could be a new level of protection added for the consumer.
Jul 23rd 2008, 3:03 am
#5
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Re: Any Reason not to give SSN to bank?
They've asked for my SSN but not my card. I need to clarify that.
Jul 23rd 2008, 3:03 am
#6
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Re: Any Reason not to give SSN to bank?
Yep. They are required to report interest income to the IRS.
If someone phones you up claiming to be from a bank and requests it, then be suspicious and don't give it to them. But if you are dealing directly with the bank and you know that the person with whom you are dealing is legitimate (i.e. you're sitting there in the branch dealing with them), then yes, you should provide it.
In light of recent events, do keep in mind the insured limit on accounts is $100,000. If you have cash, divide it up among different banks so that you stay under the limit.
If someone phones you up claiming to be from a bank and requests it, then be suspicious and don't give it to them. But if you are dealing directly with the bank and you know that the person with whom you are dealing is legitimate (i.e. you're sitting there in the branch dealing with them), then yes, you should provide it.
In light of recent events, do keep in mind the insured limit on accounts is $100,000. If you have cash, divide it up among different banks so that you stay under the limit.
Jul 23rd 2008, 3:07 am
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Re: Any Reason not to give SSN to bank?
I'll get OH to call and clarify what they actually need... and to see if we can do this in-branch.. would feel better about that...
thanks
thanks
Jul 23rd 2008, 4:34 am
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Re: Any Reason not to give SSN to bank?
Jul 23rd 2008, 4:36 am
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Jul 23rd 2008, 4:50 am
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Re: Any Reason not to give SSN to bank?
So what happens if you dont have a SSN? Cos you can still open an account without one.
Jul 23rd 2008, 4:54 am
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Re: Any Reason not to give SSN to bank?
Yeah we have accounts with them.. have done for a year... this is for a credit card... seems a bit strange.. and infact the bank has our SSN's anyway(we think). The letter was obviously generated from another department/system.
Jul 23rd 2008, 5:41 am
#14
Septicity
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Re: Any Reason not to give SSN to bank?
If it's a savings account and you don't provide either an SSN or ITIN, the bank will withhold tax on the interest. Some banks will simply decline to open an interest paying account without a number.
Jul 23rd 2008, 11:26 am
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Re: Any Reason not to give SSN to bank?
The Patriot (Paranoid) Act states that if you have a SSN, you must provide it. If you don't have one, you must prove your identity.
If it's a savings account and you don't provide either an SSN or ITIN, the bank will withhold tax on the interest. Some banks will simply decline to open an interest paying account without a number.
If it's a savings account and you don't provide either an SSN or ITIN, the bank will withhold tax on the interest. Some banks will simply decline to open an interest paying account without a number.
I was curious - I applied for my SSN on Monday.....apparently I'll soon be able to obtain recognition that I am a live person!