Why does Fidelity need my Social Security number?

Why do I need to certify my SSN or TIN? … The IRS requires you to certify your SSN or TIN to verify your U.S. tax status. If our information doesn’t match what the IRS has on file, the IRS requires Fidelity to withhold 24% of the proceeds when you sell a security or receive dividends, interest, or other income.

Can I open a Fidelity account without a Social Security number?

On their website, Fidelity indicates that you must have a valid Social Security Number (SSN) in order to open an account (Taxpayer Identification Numbers are not sufficient). … The only way for a non-US citizen to get an SSN, and therefore be able to open a Fidelity account, would be if you have a valid U.S. visa.

Can you refuse to give your Social Security number?

Anyone can refuse to disclose his or her number, but the requester can refuse its services if you do not give it. Businesses, banks, schools, private agencies, etc., are free to request someone’s number and use it for any purpose that does not violate a federal or state law.

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Why do they need my Social Security number?

Why Do You Need One? A Social Security number is important because you need it to get a job, collect Social Security benefits and get some other government services. You should keep your Social Security card in a safe place with your other important papers and avoid giving it out unnecessarily.

There is no law that prevents businesses from asking for your SSN. And you may be denied service if you don’t give the number. If giving your SSN to a business doesn’t seem reasonable to you, ask if you can show another form of identification. Or ask if the business can use another number as your customer number.

Can I trust Fidelity with my SSN?

Fidelity/Vanguard/Robin Hood they all need your SSN for tax purposes and verify your identity.

Does Fidelity ask for your social security number?

Why do I need to certify my SSN or TIN? … The IRS requires you to certify your SSN or TIN to verify your U.S. tax status. If our information doesn’t match what the IRS has on file, the IRS requires Fidelity to withhold 24% of the proceeds when you sell a security or receive dividends, interest, or other income.

Who can legally ask for your SSN?

Who has the right to request your SSN? Federal law mandates that state Departments of Motor Vehicles, tax authorities, welfare offices, and other governmental agencies request your SS number as proof that you are who you claim to be.

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Can someone access my bank account with my Social Security number?

As soon as hackers have access to your SSN, they’ll have the ability to access your bank accounts, open new accounts in your name, open lines of credit and credit cards, obtain your tax return, take our loans, use your health coverage and open utilities and memberships in your name.

How can I secure my Social Security number?

How to Protect Your SSN

  1. Ask Why They Want It and How It Will Be Handled. …
  2. Leave Your Card at Home. …
  3. Shred Mail and Documents With Personal Details. …
  4. Don’t Use Your SSN as a Password. …
  5. Don’t Send Your SSN via an Electronic Device. …
  6. Don’t Give It out to Strangers. …
  7. Monitor Your Bank and Credit Card Accounts.

Can you change your SSN?

You can’t change your Social Security number simply because your card has been lost or stolen, or to avoid bankruptcy or legitimate debts. The only other reasons Social Security will consider assigning a new number are: Sequential numbers assigned to members of your family are causing confusion.

What bank is my Social Security number linked to?

Your SSN is tied to Social Security Administration which is tied directly to the Federal Reserve System, which is privately owned by stock-holding banks, one of which is Barclay’s, a Royal Britich Bank, as well as several American banks, which are also British owned and controlled.

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