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Why do you need my bank account and Social Security Number?

Last Updated: Sep 06, 2019 02:13PM EDT

We require your bank account information so you can fund your GROUNDFLOOR Investor Account, invest, and receive principal and interest repayments. To protect this sensitive information, GROUNDFLOOR uses the AES-256 standard to encrypt your data, which is the same standard employed by banks to protect customer information.

We require your Social Security number for a few reasons. First, it is required in order to verify your identity through our third-party payment processor Dwolla. Additionally, GROUNDFLOOR is required to report earnings to investors and the Internal Revenue Service (IRS) at the end of each tax year. As such, we require your full Social Security number and date of birth to meet IRS requirements.


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