SSN Policy Manual

Financial Issues

Financial institutions may obtain supplies of Form SS-5 and preaddressed envelopes from their nearest Social Security Office, and supplies of Form SS-4 and preaddressed envelopes from any Internal Revenue Service Center or district office. In the event that a financial institution has been unable to secure the identification required herein with respect to an account within the 45-day period specified, it shall nevertheless not be deemed to be in violation of this requirement if (I) it has made a reasonable effort to secure such identification, and (ii) it maintains a list containing the names, addresses, and account numbers of those persons from whom it has been unable to ((6-30-98 p.9597)) secure such identification, and makes the names, addresses, and account numbers of those persons available to the Secretary as directed by him. A reasonable effort to obtain a taxpayer identification number should include the mailing of a written request. The request should inform the customer that the bank is required to maintain, for the use of the Department of the Treasury, a list of customers who have failed to supply the bank with a TIN within the 45-day period. The 45-day period provided for shall be extended where the customer has applied for an employer identification number or social security number on Form SS-4 or SS-5 until such time as the customer has had a reasonable opportunity to secure the number and furnish it to the institution. Dated: January 30. 1973. [Source: 38 Fed. Reg. 3341, February 5, 19731 Treasury Notice of Revision of Instructions On January 31, 1973, instructions were issued on this subject and published in the Federal Register (38 FR 3341 (1973)). These instructions have been revised, herein, to reflect changes in Social Security Administration procedures governing the issuance of social security numbers. The Social Security Administration now generally requires evidence of age, citizenship, and identity of applicants for social security numbers. Therefore, the Social Security Administration will no longer honor requests for numbers by financial institutions on behalf of customers. Financial institutions must, within forty-five days after an account is opened, secure and maintain a record of taxpayer identification numbers of customers opening share or deposit accounts after June 30, 1972. For individuals, the taxpayer identification number is his social security number. If an account is opened in more than one individual's name, the financial institution should secure and maintain the social security number of at least one individual having a financial interest in that account. For corporations, partnerships, and other entities, it is the IRS employer identification number. Instances in which a taxpayer identification number need not be secured remain as printed in the Federal Register (38 FR 3341 (1973)). If a financial institution has been unable to secure the required identification number within the forty-five day period, it shall be in compliance with this requirement if (I) it has made a reasonable effort to secure the number, and (ii) it maintains a list containing the names, addresses, and account numbers of those persons for whom it has been unable to secure an identification number and makes the names, addresses, and account numbers of those persons available to the Secretary as directed by him.