Social Security Number Required For Opening A Bank Account - A Mandatory Requirement
When the notification regarding Social Security number required for opening a bank account were first issued in 1936, the Federal Government assured the public that use of the numbers would be limited to Social Security programs. Today, however, the Social Security number (SSN) is the most frequently used record-keeping number in the United States. SSNs are used for employee files, medical records, health insurance accounts, credit and banking accounts, university ID cards, and even for opening a bank account.
In fact, the Social Security number is now required for dependents over 1 year of age if the parents claim the child for tax purposes. Since more than one person may share the same name, accurate retrieval of information works best if each file is assigned a unique number. The Social Security number required for opening a bank account is tailor-made for this purpose.
However, it is very important and crucial for you to keep your Social Security number required for opening bank account private and confidential. The crime of identity theft is increasing at epidemic proportions. With the Social Security number accessible to so many people, it is relatively easy for someone to fraudulently use your SSN to assume your identity and gain access to your bank account, credit accounts, utility records, and other sources of personal information. Identity thieves can also establish new credit and bank accounts in your name. So, act prudently and keep your Social Security number a secret disclosed to you only. You should get more information on Social security number required for opening a bank account and try to safeguard your personal identity from hackers and frauds.