Why does Betterment need my SSN?
Betterment is required to collect your Social Security Number (SSN) when you open an account. This helps us comply with financial regulations, prevent fraud, and ensure the security of your account.
Your SSN is used to:
- Verify your identity as required by Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
- Report tax-related information to the IRS, including investment earnings and transactions.
- Protect against fraud and unauthorized account activity.
We take your privacy seriously and protect your personal information with industry-leading security measures.
What if I don’t have an SSN?
If you don’t have a Social Security Number (SSN), you may still be able to open a Betterment account using an Individual Taxpayer Identification Number (ITIN).
Betterment accounts are currently available to U.S. citizens, permanent residents, and certain visa holders. If you are not a U.S. resident, please refer to our account eligibility requirements to see if you qualify.
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