Does anyone know of HYSA with the ability to add beneficiaries without SSN ?
So far I know Ally and Alliant CU fall into these categories. Does anyone know anything about Capital One ?
Answers
The "Tax ID" number may be either an Individual Taxpayer Identification Number or a Social Security Number.
https://www.capitalone.com/assets/bank/media/beneficiary-form.pdf
Earlier on, I ran across only a few that required SS numebr of a beneficiary, although they pretty much all will ask for it. Often that form wanting it and saying all info must be filled out really isn't mandatory, it's just their preference.
I have found in the past couple years, there seem to be more credit unions making the SS number of beneficiaries mandatory, can't get around. It makes no sense, there is no law even requiring that your beneficiary have a Social Security numbner. Children often do not. I never had one until grammer school after I could alraedy write, and then only because my father was opening a bank account in my name, not even adding me as a beneficiary. I had my own account, and would deposit my pennies and quarters into it, learning to save. SS numbers are supposed to be a highly sensitive security matter, give to no one other than the legally requried places, like your employer. Do not even give to your close friend. They are not required to establish a beneficiary, they should not be allowed to be required for that.
When they ask for a SS number of a beneficiary, always ask, and press, whether that is really required, and go up the ranks, to supervisor, branch manager if you get a yes below that. I once went to the CEO, who had no idea why they required it,made no sense, and would not give me her SS number so I could name her as my beneficiary. She got the point, and she waived that requirement, although the policy was never changed. Never stop at the bottom when asking if the SS number is mandatory. And point out you can give other identifying info, such as birth date, address, maybe phone number, whatever else. And, they can give SS number if they ever should make a claim.
Evey place I am or have been in will take beneficiaries without providing their SS numbers. Places that do may not have my account, even if they offer a better rate. Unfortunately, a couple of the better rates out there are at places foolish enough to stick to requiring the SS number for beneficiaries. They lost my heft account. What surprises me is that the requirement for the SS number is slowly spreading -- why?
As for places that will accept it, because you will need to go up the ranks at a number of places, a list could be very misdirecting. Servcid CU in New Hpashire is on, Freedom CU in Pennsylvania is another, NJASA FCU, Quorum FCU, Unify Financial FCU , Navy Fed CU, a long list of others. But again, the list has been slowly shrinking for some reason.
