Can a bank require a beneficiary to provide a Social Security number?
Yes. National banks may require the beneficiary to provide a Social Security number for monetary transactions. In addition, bank employees are required to ask for the customer’s Social Security number when opening an account. This requirement also ensures that funds are distributed to the correct designated individual when a will, trust, insurance policy, retirement plan, annuity, or other contract is negotiated.
Yes. National banks may require the beneficiary to provide a Social Security number for monetary transactions. In addition, bank employees are required to ask for the customers Social Security number when opening an account. This requirement also ensures that funds are distributed to the correct designated individual when a will, trust, insurance policy, retirement plan, annuity, or other contract is negotiated. An unsolicited bank contacted me (by phone or e-mail) and asked for personal information to open an account. I had not inquired about opening an account. Never provide any personal or financial information in response to an e-mail or telephone call. If you have done so, consider closing any accounts that may be at risk. We also recommend that you contact one of the three major credit bureaus listed below. Ask that a fraud alert be placed on your reports in case anyone tries to open accounts in your name.
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