Why do you need my Social Security Number (SSN)? April 17, 2020 17:43 Updated Follow All financial institutions are required by federal law to collect a customer’s SSN to verify identity when opening an account. We have strong privacy practices that secure your personal information. Our full privacy notice can be found here. Related articles Why am I being asked to provide personal information before I can access my account? How do you verify identity? How do I delete my closed account from the SoFi app? (iOS ONLY) Who can open a SoFi Checking and Savings account? Why is my direct deposit not showing in my SoFi Checking and Savings account yet?