Social Security Number SSN can sometimes seem more like a “Slave Surveillance Number”. It reduces the level of enslavement if you are having the bank account without this number.
SSN No. is not required for opening a bank account.
If you are going to open a bank account, first thing the bankers ask about your SSN. If you tell them that you are not having SSN then they will refuse straightforwardly to open your account. The online account for the client like that could be an easiest solution.
Legal Position on SSN Requirement
There are numerous ways to convince the banks that SSN is not that much necessary.
- SN can be ended legally according to CFR 3 A7 404.1905.
- Bank can not pressurize customer legally to tell about his SNN according to 31 CFR 103.34(a)(1)
- Banks are not asked to provide the taxpayer identification numbers at the end of the year on the Form 1099 under the Internal Revenue Code (IRC) Section 6041
- According to 26 CFR 301.6109-1© bank is not under any legal obligation to obtain SSN from customer
- It is classified as crime under 42 USC 408 if one is threatening or forcing someone to provide his SSN.
Bank Account can be opened without SSN
There are many examples seen of opening a bank account without SSN. Some customers have asked bank authorities that according to section 1 of public law 93-579 also known as the Privacy Act of 1974 and Title 5 of U.S. Code Annotated 552 (a) it is a subject of private entity.
How to Open Bank Account without SSN
Some people can do it by way of court. Court usually provides the relief to customer. Some people open their accounts in the name of some fake trust. In this way they don’t have to provide their SSN and trusts are non human so how can it have SSN. Trust is formed under common law and is fully in accordance with the laws of State of Indiana.
Obviously when you are opening an account in the name of trust you don’t have to show any part of the trust to bank. One can open non interest bearing account in this way. To open such type of accounts one has to get knowledge of constitutional laws and if you don’t then you can go to the lawyer for an advice. Be sure of your state laws to open a trust. All this should be done according to the laws and rules of the state.
Checking and Saving Accounts
Make the name of the trust harmless. It may sound like a law firm or a trust. The type of the account should be checking not savings, as savings account has fee and probably interest bearing. You will be prohibited to disclose any terms of trust or beneficiaries by the trust agreement. An affidavit of trust identifies you as a trustee and permits you to open a bank account.
To do all above activity, it is quite important to have the knowledge of your state laws. The laws are well written and plain in Indiana which makes it good place for trusts. The party has no authority to investigate about the information provided by the trustee as it is provided in the laws of State of Indiana. The most important thing the status of the trust should be legal in the state.
Some of my friends have solved their issue of providing their SSN to the bank by warning the bank that if bank will keep on asking for slave number then they will draw their entire substantial sum and may close the account.
It depends upon you now how you tackle this problem.