The Social security number is an important document used by the government to monitor the citizens’ transactions. Which protects and assures the process of paying taxes and receiving income from your business or the government. For that reason, many people wonder if it would be legal to open a bank account without SSN.

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The social security number is not a requirement to open a checking or savings accounts in banks. However, it should be better for you to have one, remember is used to assure that all of your incomes and payments are applied to you legally.

What is exactly the SSN?

The Social security number (SSN) is a unique number with nine digits, that is used to follow your finances. You can open a bank account without SSN. But having the SSN can serve you to create a special type of bank account, the bank account for your business, with more benefits.

Also, it’s a requirement to request small business loans, credit for your cards. Can help you get a deal for a home that you pay in a year plan, for example. You also obtain the government’s benefits of having a company and private assurance.

What else can be used to open bank accounts?

You may find that some banks could also accept the individual taxpayer identification number or the passport ID. This is just some information that the bank needs to ask for to identify us.

This is helpful to avoid scams, or other crimes against your persona, and gives you credit as a self-employed worker.

You should have a social security number anyway, even if it’s not necessary to open a bank account. It’s necessary to get a job, it’s necessary to use some of the government’s benefits, and to have social security benefits.

Can I open a chase account without SSN?

You don’t need to have a SSN to open a bank account, as we have mentioned it. It’s just asked for identification, but it’s not actually a requirement to open a bank account.

That’s why many banks will open your bank account with other documents, you should ask in the bank if they accept other documents. Of course, remember that private banks have their own politics. So, it’s possible that one private bank or two ask for the SSN as a requirement to open the account.

However, I haven’t seen that case yet, and is not that important either.

The social security number is a delicate document, and you should not give it right away to anyone. Not matter what kind of account you want, both checking and savings account are available to open without SSN.

More info: https://www.ssa.gov/ssnumber/ss5doc.htm

Which bank doesn’t require SSN?

We could say that most of the banks can do that for you. Here is a list of the institutions to open a bank account without SSN:

  1. Alliant Credit Union
  2. BMO Harris
  3. S. Bank
  4. Wells Fargo
  5. Charles Schwab
  6. Chase
  7. Bank of America
  8. HSBC
  9. Citibank
  10. PNC
  11. TD Bank

Do banks ask for SSN?

No, they shouldn’t be asking for that information, it could be used to identify yourself, but is not necessary to have it. The only things that banks will need to verify before opening your bank account is your name, date of birth, address and ID number.

Can you open a Wells Fargo account without a Social Security number?

Wells Fargo is one of the banks that does not require a social security number to open a bank account. It’s listed on the banks that don’t ask for this information up above.

Having a social security number is not a requirement, yet it should be better if you have one. You should not be worrying too much about this document. It may not be necessary at first to open your bank account, but directly or not it will be necessary in the future.

If you want to improve your situation in the bank, and of course reputation, it will become necessary. The more data you give to any bank the more confidence they will have in you.

This automatically improves your position to request a loan for your business, or more credit in your card.

Why should I have a SSN?

Having a social security number helps the government to keep track of our financial movement, and makes sure everything is in rule. Also, is used to protect us as entrepreneurs, independent workers, and employees we are.

This is why you should not open a bank account without a SSN. Also, it will grant us other important benefits. For example, if you have an emergency and you need to cash the social security disability money, you will need your SSN.

Because the government will use that information to investigate your finances to see if you legally qualify for it. You can have the same SSN all your life, unless you need to change it because of identity theft or if you simply lose it.

Does chime ask for SSN?

Many customers have complained about the Chime bank requesting the SSN to open your bank account. However, DO NOT GIVE YOUR SSN TO CHIME BANK!

Chime is one of those online only banks, and the fact that they ask for your SSN is simply nonsense. Not even recognized and well-stablished banks do request SSN, while the chime platform requests a SSN card picture to open an account.

Reviewing, criticizing or praising the chime bank’s service to customers is not the purpose of this post. Many customers have been using chime for a long time considering they have a good service, while others don’t.

It’s your decision to give your SSN card to open a chime account. Nonetheless, remember that you are giving your SSN card information voluntarily and that represents many risks.

Source: https://www.ssa.gov/ssnumber/

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