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I HAVE AN ITIN NUMBER CAN i open an account for my business

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I HAVE AN ITIN NUMBER CAN i open an account for my business in any bank or i need social security number too
Welcome, THANK YOU for using Just Answer. My goal is to help make your life...a little...LESS taxing.

In brief, usually an ITIN is sufficient to open a bank account if you are not eligible to apply for a social security number. SEE BELOW:

Under federal regulations, this form of identification may be accepted by banks as a legitimate identifier for prospective customers without a social security number. The reason banks need to officially verify the identity of a prospective customer is because they have a legal duty to prevent money laundering and fraud. They also must file 1099 tax forms with the IRS, disclosing any interest they have paid to their customers. A U.S. Treasury Department regulation states that banks may accept ITINs instead of social security numbers.

REFERENCE SOURCE:

http://www.ehow.com/how_4928681_open-account-social-security-number.html

For a broader explanation of the ITIN, you can refer to the document found at the following link:

http://www.aecf.org/upload/publicationfiles/fes3622h337.pdf

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Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.
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Customer: replied 4 years ago.

so what is the steps and whats the banks that accept the itin number

Customer: replied 4 years ago.

you know which bank will accept it

Customer: replied 4 years ago.

can you tell me which banks will accept it

Hello again,

Thank you for the positive rating. Most of the major banks will let you open an account using an ITIN. The list is very broad, and it is JAs policy that we are not allowed to give referrals by name.

If you are asking what you need to do to open the bank account, you go into the bank, sit down with a bank representative and tell them that you want to open an account. They will ask you for your ITIN and a picture I.D., and how much you want to open the account with. You usually need at least $100 to open an account. It could be a checking or a savings account. Both types of accounts usually gives you the option of having a debit card.

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