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Do banks actually have a way or standard operating routine to check Social Security (Tax ID) numbers that you give when you open a small account?
I know the government can query them and that they have to submit forms over a certain nominal amount of interest paid annually. Then there is alerting the government for unusual activity and transfers over 10k.
But I mean just opening an account. Does the bank (retail banks in the US) actually try to confirm SSNs? Does the bank pro-actively do anything to alert the government that there is a new account for XYZ number?
I cant help but think there would have to be a moving reason for them to act.
Back later, will read all, thanks in advance.
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Also, I asked this the other night and one guy gave me a lot of edgy hot air but no actual facts, just a general harangue about his theories.
As of yet, I do not know if there is an explicit protocol on opening an account to verify SSNs. I know they are requested, I know under certain circumstances thereafter tax forms may be issued. But I dont know if there is any proactive action taken by a bank to verify an SSN if there is no other factor besides opening the account. I know they ask for them, of course.
I dont believe there is, at least not immediately. I've opened a few lately and notice there doesnt seem to be any verification step. At most, I think they may copy your license. I get in an out so fast I dont even really pay attention.
The fact that I open them so fast as a routine is why I suspect the SSN is simply entered into the account record, not actually verified unless there is a reason to.
If there is an actual verification, then what service is used.
I would like to gently advise that Im more interested in known facts from people with experience than suppositions, especially angry empty ones like the one I got earlier.
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