Company Checking Account - Should we Worry?

[Pizza]

My wife's employer has requested her SSN# so that she can be added to a company account (an activity fund).

Her anxiety level went through the roof because she's afraid that something will turn up when the bank runs her information. She's worried that her employer will find out about our bankruptcy filing and grill her over it, or worse, that the bank will deny her access altogether and she would be disqualified from her position (terminated or demoted).

Is all this worry for nothing or does she have a real problem to worry about? Doesn't the bank just run you through ChexSystems? She never signed anything permitting a credit check, but she thinks the bank might find out about our BK anyway and tell her employer. We can't afford her to lose this job - she makes over $60,000 a year and would likely not find another job that paid that much any time soon.

[pamkev]

I could be wrong. I always thought ChexSystems was to see if you have checking accounts closed by banks or credit unions because of bounced checks and or alot of over withdrawals. Don't know about the BK part. My thoughts are with you as I would be stressed also.

Pam

[Pizza]

ChexSystems doesn't report credit information, only banking information. But the bank is the same as for our mortgage and 2 defaulted credit cards included in BK. Our personal checking accounts are, and have always been, in good standing - no bounces or overdrafts.

We aren't sure what information a bank would use (besides Chex) to add someone to such an account. Just taking her SSN# and not telling us what the bank is going to do with it makes her nervous.

[Pjmax]

You can see what is on your Chexsystem report: https://www.consumerdebit.com/consum...port/index.htm

Although, by the time you get it, it probably won't help much. Wife's employer already had her SS#, so the act of giving them her SS# has no significance, this was probably permission to pull a report. Also, not all banks use Chexsystem. From my understanding, there are a number of different services that different banks use.

[LadyInTheRed]

11 USC § 525 - Protection against discriminatory treatment

....

(b) No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title, a debtor or bankrupt under the Bankruptcy Act, or an individual associated with such debtor or bankrupt, solely because such debtor or bankrupt—
(1) is or has been a debtor under this title or a debtor or bankrupt under the Bankruptcy Act;
(2) has been insolvent before the commencement of a case under this title or during the case but before the grant or denial of a discharge; or
(3) has not paid a debt that is dischargeable in a case under this title or that was discharged under the Bankruptcy Act.

http://www.law.cornell.edu/uscode/text/11/525

[ValleYum]

This may be why they are asking for her SSN, Pizza...

Federal regulations enacted pursuant to section 326 of the USA PATRIOT ACT require all financial institutions to verify the identity of every person who seeks to open an account or become a signatory on an account and record the information that identifies each person who establishes a bank account.

Maybe this info will ease your wife's mind a bit. Oh and they may ask for her address, DOB, to see/photocopy her photo ID, etc. too.

Let her Google the key words: Patriot Act, Signatory, Bank Accounts

[Pizza]

11 USC § 525 - Protection against discriminatory treatment

....

(b) No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title, a debtor or bankrupt under the Bankruptcy Act, or an individual associated with such debtor or bankrupt, solely because such debtor or bankrupt—
(1) is or has been a debtor under this title or a debtor or bankrupt under the Bankruptcy Act;
(2) has been insolvent before the commencement of a case under this title or during the case but before the grant or denial of a discharge; or
(3) has not paid a debt that is dischargeable in a case under this title or that was discharged under the Bankruptcy Act.

http://www.law.cornell.edu/uscode/text/11/525

I've known about this and discussed it with her. What she's worried about is that the BK might affect her ability to be added to the aforementioned account, meaning that she wouldn't be in trouble for filing BK, she could be in trouble for not meeting a company requirement.

[Pizza]

This may be why they are asking for her SSN, Pizza...



Maybe this info will ease your wife's mind a bit. Oh and they may ask for her address, DOB, to see/photocopy her photo ID, etc. too.

Let her Google the key words: Patriot Act, Signatory, Bank Accounts

Thank you

That info is helpful. She told me that they scanned her SS card and she signed a form to be added to the account. So she's playing the waiting game (and hating every minute of it). If the Patriot Act is the only worry she has, that's much better. I hope that this is the case.

[papie]

Thank you

That info is helpful. She told me that they scanned her SS card and she signed a form to be added to the account. So she's playing the waiting game (and hating every minute of it). If the Patriot Act is the only worry she has, that's much better. I hope that this is the case.

If it makes you feel any better, I'm on several company credit cards and it's never came up. I had to give my SSN also. I've also added other employees to accounts using their SSN and the credit card company has never came back and told me anything about their credit. It's 100% Patriot Act. I think the credit card company just keeps it on file.

[Pizza]

Thanks, papie. I feel better already!

Are you in HR by any chance? Her company has a beaurocratic office located on the other end of the state that handles these matters.

[Pizza]

UPDATE: She was added to the account, no problems.

[AngelinaCat]

That is GREAT!!

[Pizza]

Thank you AngelinaCat, she got a big sigh of relief today!

[Pjmax]

Yeah!! It's so nice to hear good things happening!

[ValleYum]

Yay!