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Yes. Banks may require the beneficiary to provide a Social Security number (SSN) for monetary transactions.
This requirement is intended to verify that funds are distributed to the correct designated individual(s) listed in a will, trust, insurance policy, retirement plan, annuity, or other contract.
Last Reviewed:April 2021
Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.
