If you’ve opened your baby a saving’s account, did you need to provide the baby’s social security number? A family member just asked for my baby’s SSN to do so, and I wasn’t sure that was a requirement. What would you do?
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Our bank required this both times I’ve done it.
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@agold: can’t you open an account for your LO and give the info to the family member to contribute? I only ask, because I would want to have total say about where my Baby banked. We use a credit union.
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We have done savings bonds for our god kids and we did need their social
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Agree with @Mrs. Lemon-Lime. Our LOs’ accounts are connected to our checking and savings accounts so we can actually transfer money between accounts if we want. People send us checks for birthdays, etc. and we just deposit into their accounts.
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That sounds legit to me. It will be a delicate conversation to have, but I wouldn't be comfortable with someone else opening a bank account for my child that wasn't owned by me; especially if there is any expectation that other family members could/would contribute to the account.
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I would never give out my baby’s SSN to a family member, or to anyone/anywhere it wasn’t absolutely necessary. You just never know, someone could ruin your child’s credit and you may not even know it until they’re 18 and trying to get a loan or credit card.
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I gave my kids' SSNs to my dad to start (tax-advantaged) college savings accounts for them. I also used their SSNs myself to open regular savings accounts at our credit union.
I trust my dad not to ruin my children's credit. Plus, he and my mom are the only ones contributing to the accounts that he opened. Other relatives have sent checks, and I have deposited them in the bank accounts I control.
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You need a social security number on a bank account so the financial institution can report interest earnings to the IRS. So while your child wouldn't need to report that income due to age, it's a legit request.
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@Mrs. Lemon-Lime: I do have a savings account for her already. And yes, you would think this well-meaning family member could just give us checks to deposit. Or I would even provide the routing number or whatever so he can transfer money in. This will be an interesting conversation I think.
@yoursilverlining: Can you tell me why you wouldn't be comfortable? I'm still trying to think of what I will say other than "i don't trust you with my child's social security number". That isn't actually totally the case, but its just hard to give it out to anyone.
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@agold: I am guessing that they're trying to open an UTMA or an UGMA account where the child will be the owner and they will act as custodian until the child is over 18? I would have no issue with this. Basically they will just be managing the account on behalf of the child. You could probably give the child's social security number to the financial institution that they are going through so that the family member will not actually have the child's number.
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@agold: we needed it, but I really don't think I'd be giving my kids' SSNs out to anyone in our families except maybe my mom.
ETA.. also I wouldn't be comfortable knowing my kid had a bank account where I didn't know where the $ was coming and going. This is mostly when they're teenage but I just don't think I'd want anyone thinking I'm ok with them managing money with/for my child, period. I don't mean to be ungrateful for the gift of the savings but it would just make me apprehensive.
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@2littlepumpkins: 100% agree with all your points.
I'd just say thanks, but we already have a savings account, here's the info to contribute! If they persisted, I would just say that I'd rather everything go into one account, rather than separate accounts.
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I needed it but I don't know about 1.giving it out (depends on the relationship) and 2. Why does someone need to set up a bank account for my kid?
With that said, my dad funds my and my sister's kids' 529 plans and needed their SSN for it. I trust him so no big deal but I wouldn't just give it out to an aunt or someone I don't have a really close relationship. I also know my dad's ssn if that makes a difference. -
@agold: similar to what @2littlepumpkins: said. I would not be comfortable with an account that obstinately was for my child but over which they or me had no power. What if other relatives contribute, for my child, and then the money is used otherwise because I have no control over the account? Just leaves a bad taste in my mouth; but that said, how do you say that to relatives?
I did give my MIL lo’s ssn when she set up a college savings for LO. We are the guardians of that account tho, and it’s not a bank account.
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I would just go back to the relative and tell her you have an account set up for LO and welcome any contributions s/he wishes to give. If the relative presses, then hit repeat on that line, "no thanks she doesn’t need an additional account since she already has one."
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After thinking about this some more I would like to add that my response was assuming that this is a close family member like a parent or grandparent. Not like a random great aunt that you never talk to.
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Thanks everyone for your responses! I do really trust this in-law. I found out he does not want this money mixed in with her other savings that my husband and I and other family members contribute to. So its just a funny situation to me. I have a day to think about what I'm going to do!
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@agold: I would be fine with it if I did trust the person.
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We had a grandparent who asked for a SSN to open an account. We already have an account and said they could just contribute to it. They said no and want to be in control of their own account. So they just opened it in their own name. It has since become a shared account for all grandkids. 🙄 We don’t need the money for our kids, but it’s still annoying.
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19 comments