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Hi -- I'm the head of legal and compliance for Privacy.com. Unfortunately this is a bank partner requirement, otherwise we wouldn't ask. We do take customer pr
by regulatorynerd 5y ago
Hi -- I'm the head of legal and compliance for Privacy.com. Unfortunately this is a bank partner requirement, otherwise we wouldn't ask.
We do take customer privacy and security very seriously, and have worked hard to have similar data security safeguards as larger companies like Square and Stripe (both places I've worked, so I would know!). You can read more about some of our security practices here. https://privacy.com/security https://privacy.com/security
- danr4 5y agowait... what if I don't have an SSN? (not a citizen, have a us bank account)
- spindle 5y agoRight, this is crazy. I'm a US citizen but don't have an SSN and couldn't get one last time I tried.
- divbzero 5y agoSomehow I’ve assumed every US citizen has an SSN. Are there obstacles you encounter from not having an SSN? What is the process for opening bank accounts or applying for loans?
- toomuchtodo 5y agoDid you not apply for one? You’re eligible as a citizen or eligible resident. I have so many questions about this edge case.
- jolux 5y agoEvery citizen is supposed to be given an SSN.
- crysin 5y agoParents can opt out of having an SSN issued for a child at birth in the US.
- jolux 5y agoSure, but why would they? I can’t think of a good reason. Regardless all citizens are eligible and should be given an SSN if they apply.
- ranieuwe 5y agoUS law requires your bank to collect and verify your identity and crosscheck against a series of loste. It is part of the Patriot Act post 9/11. Unfortunately for most banks this means that they require an SSN. Technically an ID or ITIN should suffice.
- danr4 5y agoI have a US bank account that I opened only using my passport and a US home address I live in. and I have a Privacy account. I don't have an SSN. Does that mean I'm locked out of Privacy come 2022?
- jdmichal 5y agoThere's obviously no requirement that you must be US citizen. The requirements are known as KYC -- know your customer -- and simply require a certain amount of due diligence. It means you've verified that the customer is who they say they are, and that the account is in their benefit and not someone else's. It's part of the wider AML framework -- anti-money laundering. It sounds like Privacy is falling into KYC territory and is not able to farm it off to the host banks. But then any limitations around requiring SSN are due to their implementation, and not to the KYC requirements.
- soneil 5y agofwiw you don't need to be a citizen to have an SSN, you just need to be legally resident. I don't know if it's something you have to apply for, I was 20 when I moved to the US so my parent handled all the paperwork. Just wanted to float that SSN != citizenship.
- ValentineC 5y agoAny chance Privacy could accept ITINs as well? I've tried putting mine in, but it says (rightly) that it's an invalid SSN.