Why does Public need my Social Security Number? | Public FAQ (2024)

FAQs

Why does Public need my Social Security Number? | Public FAQ? ›

The SEC, via the 2001 USA PATRIOT Act, requires all financial institutions to verify and record your Social Security number in order to verify your identity. This helps identify and prevent potential terrorists and money launderers from gaining access to the stock markets.

An organization's collection and use of SSNs can increase the risk of identity theft and fraud. Each time an individual divulges his or her SSN, the potential for a thief to illegitimately gain access to bank accounts, credit cards, driving records, tax and employment histories and other private information increases.

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. Sometimes they will issue a different number if you ask.

To enable investing on your Public account, like any other brokerage account, you must meet certain requirements: Be 18 years of age. Have a valid Social Security Number. Have a legal U.S. residential address.

SSNs are used to report a person's wages to the government and to determine that person's eligibility for Social Security benefits. You need an SSN to work, collect Social Security benefits, and receive other government services. Lawfully admitted noncitizens can get many benefits and services without an SSN.

“(a)(1) It shall be unlawful for any Federal, State or local government agency to deny to any individual any right, benefit, or privilege provided by law because of such individual's refusal to disclose his social security account number.

If you ever need to send your Social Security number or any other sensitive information, don't send it through email. Instead, send it securely by using a password manager.

However, before you disclose your SSN, you should find out who is legally allowed to ask for your SSN. Government agencies, employers, schools, banks, businesses, and private agencies are free to ask for your Social Security Number and use it for any purpose that does not violate any federal or state law.

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.

Also, be careful about sharing your number, even when you're asked for it. You should ask why your number is needed, how it'll be used, and what will happen if you refuse. If you know your Social Security information has been compromised, you can request to Block Electronic Access.

Is public com a trusted site? ›

On the tech side of things, Public accounts are protected by bank-grade 128-bit encryption, and all data is secured with Transport Layer Security. And, as mentioned, Public uses safety labels to inform its users about potential investments that are deemed risky and quite risky.

Identity theft is a concern, and you should carefully guard access to this number. Scammers could ask for SSN as part of a fake job application. Even an employer with a legitimate need for your SSN (for a background check, for example) should not collect this on an application form.

Loan applications: You must provide your full social security number when applying for credit. This allows the lender to pull your credit from the credit bureaus to determine your credit worthiness. Employers: When accepting a job position, you must provide your employer with your social security number.

The nine-digit SSN is composed of three parts: The first set of three digits is called the Area Number. The second set of two digits is called the Group Number. The final set of four digits is the Serial Number.

To buy stocks with an ITIN, you can open a brokerage account with a company like Fidelity, Vanguard, or Charles Schwab. These companies don't require a Social Security number to create an account and buy stocks.

This is a very common question. To own stock in a brokerage account, you are required under federal law (the Patriot Act) to provide your Social Security number.

Through an Individual Taxpayer Identification Number or (ITIN), people who do not have social security numbers can open investment accounts. Brokerage companies such as Vanguard, Charles Schwab, and Fidelity allow individuals with ITINs to open investment accounts. Read below to learn more.

The truth is that anyone can invest in the stock market without a Social Security number. This article will explore why investing is essential, how to invest with an Individual Taxpayer Identification Number (ITIN), and the step-by-step process of investing in the stock market without an SSN or ITIN.