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tmcgill

Applying For An Account? Your SSN is Verified

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I thought most individuals knew about the Patriot Act, but I still get emails asking if it is okay to alter the spelling of a name, or modify other identifying information to get approval for a bank or credit union account.

 

We are in the era of big data. All the consumer info databases are easily accessed and crosslinked. **A good practice is to stay consist and honest in your identifiers, and work through any financial challenges you are facing. Those will pass with good financial management.

 

1. Banks must comply with federal law and verify who you are. The US Patriot Act requires them to have a CIP (Customer Identification Program). The SSN and state, military or passport ID have become the standards to meet CIP requirements.

 

2. Many are online with the Social Security Administration and can verify the authenticity of your number when you apply for an account. They also have tools to verify the current format, watermarks and security seals for DMV licenses.

 

3. The big three CRAs (and others) also sell ID verification services. Unless you have lived off the grid, your full portfolio of information is available to the CRAs through one of the big four data aggregators; Axciom, Infogroup, Neustar or Factual.

Basic Customer Information Required

The CIP must contain account-opening procedures detailing the identifying information that must be obtained from each customer. At a minimum, the bank must obtain the following identifying information from each customer before opening the account:

  • Name.
  • Date of birth for individuals.
  • Address.
  • Identification number.

CIP Requirements:

https://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_011.htm

 

The Structuce of SSN Numbers:

https://www.ssa.gov/history/ssn/geocard.html

Edited by tmcgill

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