Why Do You Ask for My SSN?

Last Updated:
March 27, 2017

If you signed up as an individual, your Social Security Number (SSN) is required for two reasons: payments and tax forms.

Payments
Federal regulations (specifically US Patriot Act Section 326) require our banking partners to identify the individuals involved in a transaction. The SSN is one of the key identifiers used to make sure that those involved in the transaction are who they say they are.

Tax Forms
The SSN is also known as a Tax Identification Number (TIN). To create accurate tax forms like a 1099-MISC, the SSN is required by the IRS to have a valid form.

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