Why does the bank want my social security number for opening a checking account?

It's required.

It is a government requirement. Since massive amounts of illegal money is funneled through banks, the government made it a law for banks to verify your identity to try and use it against money laundering. The Bank Secrecy Act requires that financial institutions verify your name, social, address and date of birth. If you don't want to give it...don't, but you won't be able to open an account anywhere without providing it.

Unfortunately they need it and you will not be able to open a bank account without giving them this information. Ever since 9-11 this has been one of the steps the Government has imposed on businesses such as banks and other financial institutions to insure there are not terrorist opening accounts. If you have started a new job in the past 7 years, you have also filled out an I-9. This was also implemented to insure that only certified or legal residents obtain work in the USA. SO thank the attacks on 9-11 for the vast invasion of your privacy.

No Social Security # = No Bank Account You will not find one bank that will not ask for it.

No SSN = no bank account. They are required to obtain it by federal law.

1) Credit. It is a checking account. What if you write a cheque and you overdraft then walk away? You have then borrowed and not repaid. They can post this information on your credit report if needed. 2) Identification. This way they know who you are. They can verify you are really who you and your ID say you are. They use it to verify your identity in the future as well, if you don't have an ID or are on the phone. 3) Taxes. You receive a 1099 for any interest income. Tax info is always based on your social. Maybe if this was a business account you could use your EIN, but I can't say for sure. EIN's are easier to change and not as private as your social. Don't worry about it, the bank is not going to steal your identity.

Yes becuase they want to make sure that you are who you say you are and not using a stolen ID. They also want it in case you forget your PIN number and you call asking for it, they ask you for your SS# so they can make sure you are you calling and not someone else. It's not like they are going give it away to anybody...

They needed it to make sure that you were really who you said that you were. Also they were checking into their records to look to see if you are doing badly on your credit score. If you were they would think that because you can't make your payments on the other ones you won't be able to make them on these.

YES