Q: Capital One bank requires you to give them your ID and full social if you’re making a deposit for someone else
If you don’t have an account with them. This is not a federal law nor does any other bank require this and if I don’t deposit cash I do not need to give them my social. They cannot tell me where on their website or where on the terms and agreements when signing up for an account that it is required. I just keep being told it’s policy and it’s a federal law but no other bank has asked me or requires this and I don’t feel comfortable at all giving my full social to random tellers every few weeks. Social security numbers are the most important info on ourselves and I shouldn’t be required to give my social to make a cash deposit. I was told it’s the same as if I were to make a withdrawal because I could steal the money but it’s completely not the same. If it were a withdrawal I would understand but this is a deposit.
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A:
It’s understandable to feel uncomfortable about giving out your full Social Security number, especially for something like a deposit. You’re right that there is no federal law that specifically requires giving your SSN for a deposit, though banks do have policies in place to comply with federal regulations, like anti-money laundering laws. Capital One may be enforcing its own internal policy, but that doesn't mean all banks do the same.
It’s also reasonable to expect more transparency about these policies, particularly when they involve sensitive personal information. If they are claiming it’s a federal law, asking for specific references to the law or terms can help clarify the situation. Banks usually explain their requirements in the account agreements or terms, so if they can’t point you to the exact policy, that’s a red flag.
If this continues to be an issue, you may want to consider contacting Capital One’s customer service or filing a complaint with the Consumer Financial Protection Bureau (CFPB). This can help you get more clarity and put pressure on the bank to explain its policy.
Randy Bryan Ligh agrees with this answer
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