Banks are a necessary part of life, and banking can be quite convenient. However, it can also be frustrating when you want to open an account but don’t want to provide your social security number. This is especially true for those who want to get a debit card or open up a checking account using the bank’s mobile app. While social security numbers are required by federal law, there are ways around providing yours, depending on which option you choose. In this post, we’ll discuss why banks ask for social security numbers when opening an account and how you can avoid giving them yours so that your financial information remains secure. So, if you have been wondering, “can I open bank account without ssn?”, read on.
Why do banks ask for social security number when opening an account?
Banks are required to verify your identity, social security number and address. While you may argue that banks already have access to some of this information through their records and credit reports, it is important for them to also obtain a copy of your driver’s license or other official photo identification as an extra step in verifying your identity before opening an account with them. As per the experts at SoFi, “The bank will use this information going forward when communicating with you or sending statements so that they can be sure it’s really you requesting services from them via email or phone calls (not someone else).”
How can I avoid giving my social security number to a bank?
If you’re uncomfortable giving your social security number to a bank, it’s okay to ask them to use another form of identification. Banks are allowed to collect this information, but they aren’t required. You don’t have to give them your social security number if you don’t want to.
Some banks will be more than happy to acquiesce if you tell them that giving out personal information makes you uncomfortable, especially when there are alternatives available (like using an alternative form of ID).
If all else fails and there’s no way around giving out your social security number, consider using credit cards instead of debit cards as much as possible because credit card companies won’t ask for anything other than your name (and sometimes not even that).
Can you file your taxes without a social security number?
Yes! But it’s not as easy as you might think. You’ll need to fill out Form W-7, which will ask for information like your name, address, and date of birth. You’ll also need to attach a copy of your passport or birth certificate in order to prove who you are and how old you are. Once the IRS receives this form and verifies that it is indeed authentic (the agency will send back a letter with an official tax ID number), then they can accept your taxes without having seen that elusive SSN card.
The reason banks ask for your social security number is to verify that you are who you say you are and that the account is being opened by a valid customer. With this information, they can also verify that any money being deposited into the account is from a legitimate source. If someone tried to open an account using someone else’s name or identity without their consent, then it would be easy for them just enter in any old number on their application form, and the bank wouldn’t know any better until later down the road when they try withdrawing money from it – which might not happen at all if they’re just using this method as a way getting around paying taxes!