Posted by Alex Leandro on 2/21/12 1:27pm
Msg #412521

Signing Agencies Asking for Social Security Numbers

A few signing companies are asking for social security number, and other personal information. I'm always willing to complete a SA package with the basic information (name, address, experience, E&0 insurance) but a Social Security number that’s a bit too much. I believe that's why there are companies that can provide a background check, Which I have. But I don’t feel secure giving my social security number to any Signing company regardless of rating.

I also work on the IT field and in my opinion, providing and keeping this kind of information is not recommended. I don’t think a lot of signing companies have the security features to keep someone from getting this information.


What do you think?

Reply by Linda_H/FL on 2/21/12 1:33pm
Msg #412522

Get a Fed EIN - 5 minutes online and you're done n/m

Reply by Les_CO on 2/21/12 1:39pm
Msg #412524

Ditto!

I would add that it is not at all unreasonable for a company hiring (paying) you to request a tax ID number.

Reply by Alex Leandro on 2/21/12 1:57pm
Msg #412525

Re: Ditto!

Yes, I agree. But asking for a social security just to add you to their database...? If hired yes you can fill the W9 and provide them with the TIN.

Reply by Linda_H/FL on 2/21/12 2:04pm
Msg #412527

No...when they ask you for your SS, you give your FEIN

they have to accept that.

Reply by JanetK_CA on 2/21/12 2:49pm
Msg #412529

Re: Ditto!

The FEIN takes the place of your SSN as a TIN. (How's that for acronym overkill? ) Whenever asked for a social security number, you give them your EIN instead. ALWAYS! Even after they send you business. You're exactly right that there's no reason for them to have your SSN.

Reply by Roger_OH on 2/21/12 3:29pm
Msg #412533

NEVER give SSN...

always use an EIN for all dealings related to your notary business.

Reply by Jack/AL on 2/21/12 3:32pm
Msg #412535

Since the only tax-related number I have is the SSN I always provide it. Without it, they could not send me the 1099.

Reply by Linda_H/FL on 2/21/12 5:18pm
Msg #412545

That's what the EIN is for and I'd strongly suggest

you get one too, Jack. Use that for all your business-related dealings, keep your SS for your personal stuff, as it's just that - personal.

JMO

Reply by JanetK_CA on 2/21/12 8:15pm
Msg #412557

Re: That's what the EIN is for and I'd strongly suggest

Exactly! And like Linda said above, you can get one online in about 5 minutes. It's a very easy way to potentially avoid some very big headaches.

Reply by Belinda/CA on 2/21/12 10:17pm
Msg #412565

Really should not be giving them your E&O...

policy number or the amount you carry. That is letting lawyers how deep your pockets are! May it never happen to anyone on this board! Speaking with various attorneys, one of which is involved in these type of litigations, I have discovered you should never tell anyone this information about yourself. Makes sense to me.

Many SS require it though. So, I guess we play tetter totter in our thoughts and decision making.

Reply by Linda_H/FL on 2/22/12 8:00am
Msg #412585

I'm going to disagree with you here Belinda

I know if I hired an independent contractor to do work for me and that IC refused to provide a copy of their liability insurance (or E&O as the case may be) or proof of insurance with coverage information, that IC would not get the job.

Curious why in the world attorneys would tell you not to provide that information. If you're in business there's information that just must be provided, and in our case our E&O is it.

Reply by Lee/AR on 2/22/12 10:12am
Msg #412606

Actually, Belinda is right, but so are you, Linda

Often, lawsuits begin with a 'fishing expedition' looking for the deep pockets, so letting them know you have a huge amount does tend to make you a target.
On the other hand, many, but not all, want to see the E&O--usually SS. Ever wonder why?

Reply by Les_CO on 2/22/12 12:28pm
Msg #412621

Re: Actually, Belinda is right, but so are you, Linda

I have a friend that has a SS. She carries a one million dollar liability policy, including an E&O ‘umbrella’ that extends to the notaries she hires (as independent contractors) the umbrella extends from the notaries policy upward. So if the notary carries $100,000(which is what she asks for) Her umbrella covers the next $900,000. And since no one I’ve ever heard of has had a claim for even close to $100,000, the ‘umbrella’ costs almost nothing…but gives her clients some (misguided IMO) assurance.
As far as lawyers and going after deep pockets I think this is a myth. That’s like saying that if you are in a three car accident, someone’s lawyer is only going to sue the person with a high limit policy. When they sue they name EVERYONE involved.
My insurance is for MY protection. I pay for it. If someone wants to sue me/and my insurance company so be it. I let my insurance handle it, and I don’t care who knows that I have insurance; as a matter of fact I think of it as selling tool. As in : “Hire me I am a professional, and I carry a professional amount of insurance.” JMO