Posted by BossLadyMD on 3/16/10 4:13pm
Msg #327559

SS Card - to copy or not copy?

I have not had any work lately (ha ha). So I have plenty of time to reflect I'm researching new companies to possibly work with and some of the requirements state that a copy of the SS card MUST be attached to the docs and others say ABSOLUTELY NO COPY of the SS card (notary agent to simply see/review it). My experience has been to see/review the card only and not get a copy of it. I am trying to figure out why some companies want a copy of it??!?Any thoughts?

Reply by Marian_in_CA on 3/16/10 4:39pm
Msg #327563

Sometimes it's for compliance reasons - one of several offices may need to keep a copy on file or based on company policy.

From what I gather, it's all a result of the Patriot Act -- banks must verify SSN, TIN numbers for all account holders:

"Can the bank require me to provide my Social Security number?

Yes. A national bank is required to obtain an identification number for several kinds of transactions:

* when opening a new account
* for monetary (deposit and loan) transactions
* when reporting the interest earned on deposit accounts to the IRS

For a U.S. citizen, a taxpayer identification number is defined as the individual's Social Security number or employer identification number."

See: http://www.helpwithmybank.gov/faqs/banking_id.html#drop04


Now, does that mean they have to keep an actual copy of it? I don't know.

Reply by BossLadyMD on 3/16/10 5:07pm
Msg #327567

i guess i am putting myself in the borrower's shoes. i would not want to hand over a copy of my SS card. i dont mind showing it to a notary/loan signer to comply with the Patriot Act. when i refinanced my home a few months ago, the agent didnt even ask for it.

Reply by Linda_H/FL on 3/16/10 5:29pm
Msg #327571

If they want the loan, they'll do what the lender

requires...remember, he who has the money makes the rules.....

Reply by Doris_CO on 3/16/10 11:42pm
Msg #327659

Are you researching companies to work with and they want a copy of your SS card? It's better to have an EIN number and send that to the companies instead of your SS number or a copy of your SS card.

Reply by BossLadyMD on 3/17/10 1:04pm
Msg #327725

the borrowers SS card. im researching companies to handle their signings and some want copies of the borrowers card, thanks.

Reply by Doris_CO on 3/17/10 4:04pm
Msg #327765

After I answered I thought you might be referring to banks/title companies rather then yourself. Sorry.