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Why do you need my Social Security Number?

Per US federal regulations, you are legally required to enter a valid Taxpayer Identification Number (TIN) in order to create any brokerage account in the United States. 

Valid TIN Numbers that we accept include the following:

  • Social Security Number (SSN)

  • Individual Taxpayer Identification Number (ITIN)

Your investment transactions are handled by our third-party brokerage provider, DriveWealth. In order to open your investment account, they need your TIN. Grifin does not store or have access to your TIN.

First, our brokerage provider - APEX Clearing Corporation - checks to confirm you are who you say you are. This helps protect you from somebody fraudulently opening an account in your name.

Second, the IRS (Internal Revenue Service) requires that all financial transactions be reported to them. These transactions include receiving interest and dividends and reporting sales of stock.