Notice of Tier Subscription Expansion and Fee Decrease for Our Electronic Consent Based Social Security Number Verification Service
Published Date: 1/17/2025
Notice
Summary
The Social Security Administration is making its electronic Social Security Number verification service easier and cheaper to use by adding two new subscription options and lowering fees for everyone. This change affects financial institutions and service providers who verify SSNs with consent, starting February 3, 2025. It’s a win-win: more choices, less cost, and smoother fraud protection!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Lower Annual eCBSV Subscription Fees
SSA decreased annual subscription fees across all eCBSV tiers effective for subscription payments made on or after February 3, 2025; each enrolled PE must remit the applicable tier fee for a 365-day agreement period starting on or after that date. The revised fee table includes, for example, Tier 1 (up to 10,000) at $6,650; Tier 2 (up to 75,000) at $49,500; Tier 4 (up to 500,000) at $308,750; and Tier 12 (up to 200 million) at $7,837,500.
Two New eCBSV Subscription Tiers
If you are a permitted entity (a financial institution or service provider), SSA is adding two new eCBSV subscription tiers: a smaller tier capped at 75,000 transactions and a new tier capped at 500,000 transactions. SSA says these tiers give smaller and medium PEs more affordable direct access so they may not need to go through a third-party service.
Certification and Consent Requirements Remain
Permitted entities must submit a certification statement as part of their eCBSV application and obtain valid written consent from the number holder to request SSN verification; valid written consent must include a wet or electronic signature consistent with the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7006). The certification must confirm PE status, compliance with section 215, compliance with privacy and data security requirements in title V of 15 U.S.C. 6801 et seq., and retention of records for at least 2 years.
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