We are oftentimes asked to provide financial institutions or other services proof of our identity and residency. This is surprisingly quite common but do you know what the acceptable documents are for that?
While every country has different laws regarding proof of identity and residency, there is one document out there that combines both with proof of income.
That is called a paystub but more people are faking it than ever before. Real paystubs are documents issued by your company’s accountant and can be used to prove your identity, residency, and income.
Let’s learn more about that.
What Are Paystubs?
Employees have been asking for a way to see how much exactly they earn. Well, a real paystub is a document that answers these questions.
While not necessary by law, companies are starting to implement them due to the fact that they both employer and employee with certain types of securities.
For the employer, it keeps everything in check and prevents any mistakes that would result in the employee being unhappy with their financial information. And for the employee, it outlines all the details related to their salary.
This way, both parties are satisfied as this document prevents errors from ever becoming a problem.
But how does a real paystub proves your identity and residency?
Do Paystubs Provide Proof of Identity and Residency?
The DMV allows using paystubs as a way to prove your social security number. Since everyone has a social security number and everyone needs one for a job, companies print this number on each employee’s real paystub.
This means that you can use this document to prove your identity. But what about residency?
When it comes to proving residency, you can also use a real paystub as a valid document. This is because real paystubs include the address of the employee.
Why Are They Crucial?
As we mentioned earlier, both employee and employer benefit from this document. For the employee, they can use it as a valid document that proves their identity, residency, and income. The last one is especially important when trying to take out a loan. A real paystub is also crucial when your employees want to rent a house or other property. Since this action is inherently connected with their income, this document will prove to the landlord that they are in good financial health and can afford the rent each month.
By simply using a free paystub maker, you will make your employee’s lives much easier. Using A free paystub maker is very easy and you can even do it yourself. Although, it’s best to leave it to the company accountant if you do indeed have one.
If you’re interested in one of the best real paystub software out there, then make sure to visit here.
Other Acceptable Documents
We’ve talked endlessly about paystubs, but what are other acceptable documents for proof of identity and residency? Let’s find out.
· Government Issued ID
Every financial institution or government sector will always ask for a government-issued ID as there is no better document to prove your identity and residency. This isn’t only the case in the United States but in the rest of the world. A government-issued ID also contains your face. This means that banks and other institutions can match your face with the picture of your face on the ID card.
Your ID card also contains your signature, which is also another reason why many institutions value this document.
· Social Security Card
Every US resident needs a social security number to confirm their identity. Since plenty of people are asked to provide proof of identity and residency when taking out loans, a person cannot take out a loan if they are not employed.
And a resident cannot work if they don’t have a social security number. So showing your social security card is an excellent way to prove your identity and residency. Since this card contains both information, you can rest assured this document will be accepted. Also, it’s important to remember that a paystub also has your social security number.
· Documents With Your Name and Address
In many cases, banks and other institutions will ask you to provide any such document that has your name and address. For many people, these documents are a lifesaver especially if they don’t have their ID or social security card on them. When it comes to what these documents are, banks and similar institutions will accept bank statements, utility bills, phone bills, and paystubs. They will accept these documents only if they are issued in your name.
· Drivers License
If you don’t have any of the before-mentioned documents, you can always rely on your driver’s license. A driver’s license is similar to an ID as it has your face on it. This means that you can use it as a way to confirm your identity and residency. Government-issued driver’s licenses are highly valued, nearly as much as an ID card.
· Tax Notification Letters
When paying taxes, you will be given a notification letter. You also receive one before paying your taxes, but it’s important to remember that this is also a valid document that contains your full name and address.
· Tenancy Agreement
If you’re a tenant then you can also use your tenancy agreement as a form of proving identity and address. Since you most likely currently reside at that address, it makes this document very useful. Be careful as the document has to be no older than 12 months and you have to still reside at the address if you’re trying to prove residency.
· Passport
And lastly, although certainly not the least, you can use a valid passport to confirm your identity and residency. Passports are similar documents to ID cards and driver’s licenses as they are government-issued documents that hold much weight. They are absolutely necessary if you cannot use your ID or driver’s license. They also contain a picture of your face, which is also a huge plus.