I’m writing this not just for myself, but as a public service announcement born of pure, unadulterated frustration. If you are opening any long-term account, a brokerage account, a retirement fund, a bank account you intend to keep for decades, listen closely: DO NOT use your passport as your primary identification.
I made this mistake 15 years ago. I was in a hurry, couldn’t find my National ID, and the passport was handy. Two passports and a decade and a half later, I’m now stranded, unable to easily access a significant stock portfolio I bought back then.
The fatal flaw of passports
The core issue is simple: Passports expire, and when they are replaced, the passport number changes.
My current passport has a completely different number than the one I used to open that investment account in 2009. The brokerage’s system sees an account tied to “Passport Number ABC12345,” but the document I’m presenting today is “Passport Number XYZ98765.”
Because the number is the primary identifier used in their decades-old records, I now have to jump through massive bureaucratic hoops to prove that I, the person with the new number, am the same person who held the old number. Getting official government documentation that bridges a 15-year, two-passport gap is proving nearly impossible.
Contrast this with the identity document you should be using: your National Identity Card.
The key feature of these documents is permanence. While the physical card may expire and be reissued, the most important identifier, the unique number assigned to you by the government i.e. national ID number, never changes.
When you verify your identity 15 years from now, the brokerage will simply look at your current National ID, see that the permanent ID number matches the one on file, and grant you access. No fuss, no panic, no stranded investments.
🔑 Your Three-Step Action Plan
- Prioritize the Permanent: When opening any account meant to last for years (investment, long-term savings), always use your National ID card that contains a permanent identification number.
- Use Passport as Secondary: Use your passport only as a secondary form of verification (e.g., to prove citizenship or travel status), never as the primary identification document on the account opening form.
- Check old Accounts NOW: If you have old accounts, log in or call your financial institution. Confirm what identification they have on file. If it’s an expired passport number, proactively provide them with a copy of your National ID card before you need to make a transaction.
Don’t wait until you’re in a hurry. Don’t assume the system can handle it. Be bothered. Use your permanent ID. Save yourself the headache, and potentially the fortune, I’m currently fighting to reclaim.
Have you ever faced a similar bureaucratic nightmare due to outdated personal records? Share your experience in the comments below.