Why am I being asked to fill out a w9 form?

sparkl99
Contributor
Whenever I log in and try to see my transactions I keep being asked to fill out a w9 form and it needs me and all the holders of my account to put it in our social security numbers. Im just a bit confused on why its neccesary

Most Helpful

@FO U$$A, I am sorry this is a point of frustration. If the link is not visible, there could be a reason that it is not populating for you. I will ask that you either call in to discuss or initiate a private chat to get this remedied. We are asking members to update the W-9 form as we are required to maintain updated records. I know this is an unexpected extra step. We also acknowledge our members are very busy. To be a compliant company, we will need to get this taken care of. Thank you. ~ Suzy

 

To initiate a secure online chat with our 24/7 chat team, select ASK USAA or Reach a Representative near the top of your account page. Or select Chat from the Contact Us options under HELP tab.

75 REPLIES

Dear sparkl99,

 

A W-9 is required when a signature card is not on file. Please complete the request. Thanks! - Jesse

I too, do not understand why USAA is requesting complete a W9 form.  You say it is too not having a signature card on file.  That does not make any sense.  I have had my accounts w/USAA for several years. 

 

Please explain why all of a sudden this is needed? 

@CHatton, USAA wants to make sure it has the most up-to-date tax information. Also, periodically USAA could request an update in the future. To protect its membership and be a compliant company USAA must request an updated tax certification W-9 to ensure tax information is reported correctly to the IRS. If you have any further questions please call us at 1-800-531-8722. - Janay

Same question I have, and tried to call in and got a rep that could not help give an appropriate answer.  I called because after 18yrs of having my accounts and never being asked, and after seeing online that a financial institution should not need to ask for established customers' accounts where the information like SS#'s is already on file, I was concerned the email was some type of SPAM or other cyber-attack.

I do apologize for this inconvenience. We do require W9's on file for all accounts open to ensure USAA is reporting accurately. ~ Samantha

This notice is very poorly written, the way it’s written frightened both my wife and myself. To the point you should be professionally ashamed. The wording used suggests the activity by the IRS IS TAKING place and all you are asking is if we have been notified! if it’s procedure,fine then say that. Ive been a customer for nearly 25 years and this sudden request as written shocks people. Fix this.

Fatdog - I appreciate the feedback and your comments will be shared. Regrettably, some members, even 25 year members, are out of compliance with Federal banking regulations. This is the reason for the urgency indicated. If you received this message, it does need to be addressed promptly, to avoid action being taken. I hope this information helps. - Jason

Fatdog - I appreciate the feedback and your comments will be shared. Regrettably, some members, even 25 year members, are out of compliance with Federal banking regulations. This is the reason for the urgency indicated. If you received this message, it does need to be addressed promptly, to avoid action being taken. I hope this information helps. - Jason

 

To avoid what action being taken Jason?

Hello @areo1, if a W9 is not on file for an account, it is subject to backup withholding from interest payments or promotional credits.-Colleen