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Why is SSN Needed to Deposit Cash?
I work for a corporation that requires me to make large cash deposits. When I go into the bank to make the deposits, they require me to provide my social security number and my drivers license, which they said were linked to the cash. Why is my social security number linked to the cash when it isn't even mine?
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 When a bank transacts large currency transactions of any kind, either in one transaction or in a group of transactions that aggregate to over $10,000 in a day, the bank is required by law to file a Currency Transaction Report that includes information on the persons on whose behalf the transaction(s) were completed -- that would be your employer -- and on the individual(s) who completed the transaction (you or other individuals who bring the transactions to the bank). Even when a single transaction doesn't include more than $10,000 in cash, the bank must combine transactions and report if the total reaches the trigger amount. That's why you might be asked for your personal information, including your Social Security number, even if you conduct smaller transactions for your employer.
The fact that reports are filed with your personal information does not put you at risk for government investigations or audits. As long as all the transactions you are handling are legitimate for yourself or your employer, you shouldn't have to worry about being listed in the reports.
Published on BankingQuestions.com 6/05/08
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