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Bank Requests Daughter's SSN for CDs

My dad had several CDs which were in his name alone, but now he said the bank needed my SSN for them. Does that mean that I am now a joint owner and could I borrow against them?


That is one reason the bank would be asking for your Social Security number. Another would be that your father has asked that you be added to the CDs as a "pay on death" beneficiary. It would be reasonable for you to ask him for what reason the bank needs the number.

If he is adding you as a joint owner, you might be able to borrow against the accounts, but you will have to ask at the bank. The bank may have a requirement that all owners of the CDs agree to their use as collateral.

If he is adding you as a beneficiary, you don't get any ownership rights until he dies. Borrowing against the CDs would not be possible in that case, unless your father pledged them as collateral for your loan.

Published on BankingQuestions.com 11/10/09