Why we ask for your personal information during sign-up
Written by Team Jiko
Jan 1, 2020
We'd like to take a moment to address a question that's come up a few times now. It's an important one about trust and safety, so we wanted to expand on the information in our FAQ:
Why do we ask for so much personal information to open an account?
Your Jiko contains a bank account as well as a brokerage account which work together to keep your money invested in US Treasury Bills.
Banking and securities accounts are governed by federal laws designed by Congress to fight terrorism, organized crime, and money laundering. To protect you and everyone else, those laws require that we collect specific personal information such as your name, date of birth, address of residence, and Social Security number. Those regulations also govern how we use and store this information.
Since T-Bills are investments that generate returns in your account, we also need this information to report your capital gains to the IRS.
We understand that you might be hesitant about sharing personal information with Jiko. After all, you've only just met us.
Here's a little more information about us as a company and a regulated financial institution:
Custody of your T-Bill investment is covered by SIPC insurance up to $500,000.1
As part of our partnership with Mid-Central Federal Savings Bank, we're subject to regulatory audits by the OCC and the Federal Reserve.2 We’ve also engaged firms for regular IT, controls, and financial reporting audits of all of our entities.
If you have additional questions about the data we collect, we're happy to answer them at email@example.com.
1Jiko Securities, Inc. is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investor Protection Corporation ("SIPC") and acts as the principal carrying firm. All your securities and funds are held in an omnibus account at Apex Clearing Corporation, pursuant to US Securities and Exchange Commission Rule 15c3-3 customer protection rules. SIPC protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
2Banking services provided by Jiko Bank, a division of Mid-Central Federal Savings Bank.