Rates Current as of Friday February 10, 2012

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Can a bank require the beneficiary on an account provide a social security number?

Yes. National banks may require the beneficiary to provide a social security number for monetary transactions. In addition, bank employees are required to ask for the customer’s social security number when opening an account. This requirement also ensures that funds are distributed to the correct designated individual when a will, trust, insurance policy, retirement plan, annuity, or other contract is negotiated.

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Can a bank require the beneficiary on an account provide a social security number?

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