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Financing -- Loans/Social Security Number.


QUESTION: Dear Finance Guy

1. Is SSN reference a must while filing Income Tax returns by Business Houses and Individuals ?

2. Is SSN reference a must in all Banks Transactions i.e. Credit, Debit. viz Depositing and Withdrawal money ?

3. Social Security Number has to be renewed every 5,10,15 years ?

4. Can SSN be used as a alternative to ATM Card, Credit Card, Bank Debit Card ?

5. Why SSN Number was not selected as a 9 Digit Alphanumeric number but selected as a 9 Digit Numeric ?

Awaiting your reply,

Thanks & Regards,
Prashant S Akerkar

ANSWER: With respect to your questions, I am not an expert on all things SSN, however
I can offer you my opinions:

1.  Some tax identifier is necessary on Income tax returns, be it SSN's,EIN's,etc.
2.  The SSN or EIN has to be on file with the bank when opening the account.  You need not
   put this information on the checks or individual transactions each time a deposit or
   other routine transaction with the bank is made.  In most instances, you may need to
   produce a driver's license to identify yourself, not an SSN.
3.  To my knowledge, once an SSN is issued, it need not be renewed.
4.  I am not sure what you are asking here, but I think not.
5.  Because of the definition of alphanumeric - alpha requires a combination of both letters
   and numbers, SSN's are numbers only.

---------- FOLLOW-UP ----------

QUESTION: Dear Finance Guy

Thank you.

Do you feel the Social Security Number could be useful in redesigning with adding Biometric identifiers as part of Security measures counterfeiting Identity thefts ?

Awaiting your reply,

Thanks & Regards,
Prashant S Akerkar

In a practical sense, sure, it would provide some measure of additional security to
to assist in the prevention of identity theft and SSN card forgery.

This raises issues, of course, personal and invasion of privacy issues, government over-reach, etc.

Plus, in my opinion, the majority of identity theft cases, stem not from forged SSN cards, but from too readily available personal information from internet and other sources.

No state of the art biometric SSN design will stop that kind of theft.

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