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General
Who Needs Your Social Security Number?
By Michael Chadwick
President, Chadwick Financial Advisors
When I was in college, my social security number was my identity, without it, I didn’t exist. My name didn’t matter, I was a know it all kid with a number. With 25,000 students at the college, most people don’t know who you are. In the military it is very much the same, everything revolves around your social security number.
Before entering college, I hadn’t the faintest idea what my social security number was but memorized it quickly after realizing its importance. Society places a tremendous amount of importance on that number, perhaps more than in the 80’s. With identity theft being the issue it is I recommend you protect that number from the grips of brilliant criminal minds. (Many criminals are so smart I often wonder why they don’t focus on a legitimate business, in which they’d likely be very successful.)
After our country was attacked on September 11, 2001 the Government passed new laws requiring financial institutions to check the identity of those doing business making financial transactions. This is why we now need copies of ID such as driver’s licenses, passports and state ID cards prior to allowing anyone to “move money.”
Any type of financial institution has the legitimate right to ask for your social security number. Social Security Administration (obviously), Motor Vehicle, Employers, IRS, Mortgage Companies, Bank’s, Brokerages, and Insurance Companies (investment product’s, not insurance coverage - anything involving taxes) - you do need to provide that number or you’ll be denied the opportunity to make financial transactions. Financial institutions are now part of the nations police force in finding criminal’s moving money. As you probably know, I despise paperwork but for this purpose I welcome it, hoping that 9/11 will never be repeated anywhere in the world.
There are many businesses that ask for your social security number, but don’t need it. They include colleges (had I known I still would have given it, but the choice is yours) physicians, utility companies, service businesses, schools and mail order businesses. When you pay by credit card, they do not need your social security number to process the charge. Some businesses will demand it because “its policy.” You can choose not to do business with them if they are going to enforce such a policy.
California, New York and Arizona are leading the way in protecting consumer’s rights in using, storing and publishing social security numbers. Hopefully, as time unfolds identity theft will be reeled in and there will be more substantial penalties for this terrible act.
The way things are mailed to you have recently changed. Notice your next Social Security statement; it only has the last four digits of your number, not the whole number. If you keep your records look back a few years and you’ll see the whole number. Many other pieces of mail such as investment statements, pay stubs, financial institution paperwork now completely exclude the number or only show a few of the initial or ending digits. Keep safe track of this number and be sure you protect and guard it. Don’t give it out unless absolutely necessary and be very careful of where you type it in online.
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