SSN Policy Manual

Financial Issues

enumeration. You are going to find that it is difficult to open an account without a social security number or TIN; difficult, but not impossible, if you are persistent. Many people take the hard-nosed approach of trying to force a bank into opening an account without a social security number. They go into the bank, fill out the application, leave the social security number field blank, or write NONE in the space, and then get angry when the application is rejected. They do all of this without ever having a constructive conversation with the bank manger first. Usually this rejection is not primarily because they didn't provide a social security number, but instead because the bank interpreted them as a security risk. Banks do have a real concern about security and the trustworthiness of their customers and you should respect that concern since they will soon be holding your money in trust. Obviously, it would be tragic if they were to give your money to somebody who was impersonating you. The Nice-Guy Approach There are primarily two reasons for beginning with this approach. First, it occasionally does work, thus eliminating the need for other action and you need to establish some degree of trustworthiness anyway. Secondly, the bank or its manager is more likely to provide you with the evidence that you will need should you decide to challenge them more seriously. If your banking needs are not great, for example you only need an account so you can cash checks without incurring a check-cashing charge, or you want to open a secured credit card or debit card account, then you might simply visit the bank and talk with the branch manager. Before filling out any paper work, simply explain to the person that you do not have a social security number and would like to open an account that covers your simple needs, and would like their advice on how the bank might help you. This direct, honest approach will often yield an account that fills your need. If you need an account because you have a lot of money, don't worry about it, the bank will do everyhng in its power, even waiving its policy to attract your business. Such accounts usually involve a balance of $15,000 or more . . . and the more the better. This is particularly true if you are an established business person in your co~nmunity. The opening-an-account problems normally occur with the average person who deposits his paycheck and uses a checking account to pay bills and do shopping. Banks and other financial institutions are creatures of habit, and the habit for determining trustworthiness is doing a credit check using your name and social security number. The absence of a credit report, combined with the absence of a social security number is a "red flag" to most bankers and they simply choose to avoid you because they think there is something seriously wrong. A social security number is not necessary for a good credit history report from the major credit reporting companies. If you are unenumerated or you've been resisting disclosure of a social security number, you may have a credit history file that does not include a social security number . . . letting the banker know that, will go well in your favor. Establishing trust with a banker when you have no social security number and no credit history will be difficult. The first problem that bankers have is that they normally don't believe you when you say you have no social security number. That initial doubt is quickly overcome if you have a credit history that does not include a social security number. In the