Updating ssn in bank of america. Bank of America Finally Forces Username Change, No More Social Security Numbers.



Updating ssn in bank of america

Updating ssn in bank of america

Your SSN has great utility in bringing together personal data, which is why banks often ask for it. If the number falls into the wrong hands that same utility presents an identity theft problem. Over time banks have been trying to move away from non-essential uses of SSN. However, essential uses remain and are here to stay. The government uses your SSN to track wages, determine eligibility for various benefit programs, and collect taxes. Three words in that sentence explain the value of the SSN to banks: Credit bureaus require SSN when furnishing a consumer report for many of the same reasons.

Comprehensive The federal government encourages every citizen to apply for a social security number. An SSN is needed to get a job and collect government benefits. This makes the SSN almost universal to every person in the U. The exceptions are people not interested in getting a job or collecting benefits, resident aliens, and people who have yet to apply for a number.

Unique The Social Security Administration issues one number per individual. No two people should have the same SSN. This unique number makes it easier for banks to distinguish between people with similar names: The number is almost always unique to an individual. While the government issues only one number per individual, there are so many financial institutions banks, insurance companies, investment firms, etc.

Across Your Lifetime Most people apply for a social security number when they are very young, and collect social security benefits when they reach retirement age. The number is used to track your wages over your lifetime, as the benefits formula is based upon lifetime earnings, and the amount paid into the system. While an SSN is intended to span a lifetime, most of our remaining personal identifying information may change multiple times: All these changes in your identity can lead to multiple credit reports for one person.

Changes of Address The average person moves eleven times over the course of a lifetime. A social security number helps keep track of your banking relationship data as your addresses change over time, without creating silos of personal data.

Name Changes People change their names all the time. A comprehensive, unique number that remains the same over time helps banks determine when the same person has different names.

Sometimes we complete bank paperwork using different names. Nicknames are sometimes used instead of full names: John Doe and Jonathon Doe Middle names are not consistently used: This happens very frequently when women get married. A bank may find instances of several combinations for the same person. A social security number helps them determine if they are dealing with one person with legal name changes or multiple people with similar names. Jane Doe Jane Smith Why Banks Require Social Security Numbers Banks need social security numbers because they have assembled data to determine whether to open an account, to better service the account relationship over time and to comply with government regulations.

Open Accounts Banks need your SSN when opening an account in order to acquire an accurate credit report. Credit bureaus rely heavily on your SSN to compile a complete picture of your credit history.

A bank will almost always request a credit report when you are applying for credit as part of its underwriting process. Banks also request consumer reports for checking account applications to help mitigate check fraud. Cross-Selling Account Relationships Banks want to cross-sell to their customers at every opportunity. If you have a savings account, they want you to also open a checking account. Once the checking account is set up they will suggest putting overdraft checking in place, which is a form of credit.

They may also suggest opening up a credit card, taking out a mortgage, evaluating a personal loan , and even insurance programs. The list goes on and on. Social security numbers help banks integrate all of these accounts together around an individual record, and sometimes also a household record. The better their systems are at tying these accounts together, the better they can cross-sell existing customers.

Social security numbers help tie all these data together. Government Reporting Requirements Banks often have government reporting requirements. Any interest income must be reported to the IRS every year on a statement.

Mortgage interest is also a tax-deductible expense and is reported every tax season. Money laundering rules require notices of transactions above a certain size. All these bank reporting requirements need social security numbers. The use of SSN by private financial institutions has become pervasive. Banks are beginning to recognize the potential problems associated with a data breach of files containing SSN along with other personal data.

Banks are also seeing that the SSN is not perfectly comprehensive, unique, or stable over time. People report their number to so many institutions that errors creep into the system.

Over time, banks find conflicting and missing SSN data on account records. Alternatives to SSN For both of these reasons, many database companies have developed alternatives. Both provide improved data integration capabilities, without the identity theft risk associated with the use of social security number.

Many banks have been trying to minimize the use of social security numbers for essential reasons only. Some have migrated to the new data integration tools. Others have found ways to verify identities without needing SSN when account holders contact customer service.

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Updating ssn in bank of america

Your SSN has great utility in bringing together personal data, which is why banks often ask for it. If the number falls into the wrong hands that same utility presents an identity theft problem.

Over time banks have been trying to move away from non-essential uses of SSN. However, essential uses remain and are here to stay. The government uses your SSN to track wages, determine eligibility for various benefit programs, and collect taxes. Three words in that sentence explain the value of the SSN to banks: Credit bureaus require SSN when furnishing a consumer report for many of the same reasons.

Comprehensive The federal government encourages every citizen to apply for a social security number. An SSN is needed to get a job and collect government benefits.

This makes the SSN almost universal to every person in the U. The exceptions are people not interested in getting a job or collecting benefits, resident aliens, and people who have yet to apply for a number. Unique The Social Security Administration issues one number per individual. No two people should have the same SSN. This unique number makes it easier for banks to distinguish between people with similar names: The number is almost always unique to an individual.

While the government issues only one number per individual, there are so many financial institutions banks, insurance companies, investment firms, etc.

Across Your Lifetime Most people apply for a social security number when they are very young, and collect social security benefits when they reach retirement age. The number is used to track your wages over your lifetime, as the benefits formula is based upon lifetime earnings, and the amount paid into the system.

While an SSN is intended to span a lifetime, most of our remaining personal identifying information may change multiple times: All these changes in your identity can lead to multiple credit reports for one person. Changes of Address The average person moves eleven times over the course of a lifetime. A social security number helps keep track of your banking relationship data as your addresses change over time, without creating silos of personal data.

Name Changes People change their names all the time. A comprehensive, unique number that remains the same over time helps banks determine when the same person has different names. Sometimes we complete bank paperwork using different names. Nicknames are sometimes used instead of full names: John Doe and Jonathon Doe Middle names are not consistently used: This happens very frequently when women get married.

A bank may find instances of several combinations for the same person. A social security number helps them determine if they are dealing with one person with legal name changes or multiple people with similar names. Jane Doe Jane Smith Why Banks Require Social Security Numbers Banks need social security numbers because they have assembled data to determine whether to open an account, to better service the account relationship over time and to comply with government regulations.

Open Accounts Banks need your SSN when opening an account in order to acquire an accurate credit report. Credit bureaus rely heavily on your SSN to compile a complete picture of your credit history. A bank will almost always request a credit report when you are applying for credit as part of its underwriting process.

Banks also request consumer reports for checking account applications to help mitigate check fraud. Cross-Selling Account Relationships Banks want to cross-sell to their customers at every opportunity. If you have a savings account, they want you to also open a checking account. Once the checking account is set up they will suggest putting overdraft checking in place, which is a form of credit. They may also suggest opening up a credit card, taking out a mortgage, evaluating a personal loan , and even insurance programs.

The list goes on and on. Social security numbers help banks integrate all of these accounts together around an individual record, and sometimes also a household record. The better their systems are at tying these accounts together, the better they can cross-sell existing customers.

Social security numbers help tie all these data together. Government Reporting Requirements Banks often have government reporting requirements. Any interest income must be reported to the IRS every year on a statement.

Mortgage interest is also a tax-deductible expense and is reported every tax season. Money laundering rules require notices of transactions above a certain size. All these bank reporting requirements need social security numbers. The use of SSN by private financial institutions has become pervasive. Banks are beginning to recognize the potential problems associated with a data breach of files containing SSN along with other personal data.

Banks are also seeing that the SSN is not perfectly comprehensive, unique, or stable over time. People report their number to so many institutions that errors creep into the system. Over time, banks find conflicting and missing SSN data on account records. Alternatives to SSN For both of these reasons, many database companies have developed alternatives.

Both provide improved data integration capabilities, without the identity theft risk associated with the use of social security number. Many banks have been trying to minimize the use of social security numbers for essential reasons only. Some have migrated to the new data integration tools. Others have found ways to verify identities without needing SSN when account holders contact customer service.

Updating ssn in bank of america

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1 Comments

  1. BofA executives explain that the program is about meeting the needs of an untapped group of possible customers rather than being about politics. The customer service rep that answers my call confirms that there is a flag on my account because they could not verify my new address. Banks are also seeing that the SSN is not perfectly comprehensive, unique, or stable over time.

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