Why Zinc Needs Your Social Security Number (SSN)

Opening bank accounts for a homeowners' or condo association isn’t the same as opening a personal checking account. Because the funds belong to a legal entity and may exceed FDIC “retail” thresholds, federal law requires a deeper identity check on an authorized individual who can control those funds. That check is called Know Your Customer (KYC).


1. Signer Information Is Essential

When your association onboards with Zinc, the signer’s personal information (including an SSN) must be verified to activate the new Zinc account. Without complete signer details, our banking partners cannot legally create the two operating and deposit accounts your association needs. Providing accurate personal data ensures the verification process finishes quickly and your board can start managing funds without delay.

2. The KYC Requirement

What KYC Covers

Why It Matters to You

Customer Identification Program (CIP)—Patriot Act §326

Banks must confirm that the signer is a real person, not a shell or sanctioned entity.

Beneficial Ownership Rule (FinCEN CDD)

Deposit institutions must know who ultimately owns or controls the money they hold.

Bottom line: Without a verified SSN (or an ITIN for non-U.S. persons), banks cannot legally open the association’s required operating and reserve accounts.

3. How Zinc Uses—and Doesn’t Keep—Your SSN

  1. Encrypted end-to-end
    Your SSN is encrypted and remains encrypted in transit.

  2. Direct-to-bank hand-off
    The number goes to the bank’s secure KYC; Zinc’s servers never store the plain text.

  3. Tokenized for future checks
    If the bank later needs reconfirmation, Zinc references a non-reversible token, so it may be necessary to provide this information again.

4. Our Security Standards

  • PCI-DSS Level 1 certified—the same grade used by major payment processors.

  • Annual external penetration tests and 24/7 intrusion monitoring.

5. Frequently Asked Questions

Question

Answer

Who can see my SSN?

Only the bank’s regulated KYC team. No Zinc employee can view it.

What if I mistype it?

The bank’s verification will fail, and Zinc will prompt you to re-enter the number.

Will this affect my credit score?

No. KYC uses a “soft” identity check and leaves no credit bureau inquiry.


Your privacy and security are our highest priorities. We collect only the information required by law to keep your association’s finances safe, compliant, and ready for day-to-day management.


Need help?

  • Email: support@zinc.tech

  • Chat: Inside the Zinc dashboard, in the bottom-right corner (Need Help?)

  • Phone: 954.271.3294