When you sign up for a Ellevest , we’ll ask you to link your bank account (ie, your personal checking or savings account).
We require a linked bank account so we can bill you for your plan fee and invest your funds through one-time or recurring transfers. We aren’t able to connect a debit or credit card to your Ellevest account at this time. For more information on the requirements for linked bank accounts, click here.
If you add an investment goal and open an investment account held by our broker and custodian Goldman Sachs Custody Solutions, we’ll also ask for your SSN. When you open an investment account, the SEC requires your SSN due to the Patriot Act:
"When investors contact brokers, they are often surprised by the number of requests for personal information. The broker is just complying with the law and rules set forth by the Securities Exchange Commission (SEC). Indeed, certain required information must be obtained before a broker can make any trades on behalf of a client. These include your Social Security number or tax ID, your contact information, and whether or not you are an insider at any publicly traded corporation.” Read more here.