To help the government
fight the funding of terrorism and money laundering activities, Federal
law requires all financial institutions to obtain, verify, and record
information that identifies each person who opens an account. What
means to you: "When you open an account, we will ask for your name,
address, date of birth, and other information that will allow us to identify
you. We may also ask to see your driver's license or other identifying
What is the U.S.
Patriot Act? The U.S. Patriot Act was enacted in response to the terrorist
acts of September 11th, 2001. The intent is for banks, credit unions and
other financial institutions to verify the identity of all people who
do business with them. It has become clear that terrorist groups have
used our banking industry to funnel money to commit crimes.
How does this affect
you? The Act was passed in an effort to improve public safety and
should not directly affect most people. We will, of course, ask to verify
your identification occasionally. This is a good safety precaution for
you as a member anyway
due to increases in identify theft over the past several years.
a member for years, why are you checking my identification? We understand
your feeling that it seems silly to check the I.D. of someone we have
known for years. However, to guarantee that nobody slips through
the cracks the law was written so that all customers and members
identities are verified. This will not have to be done each and every
time you come into our office but it will have to be done periodically.
Please bear with us
and we hope youll understand the need for us to comply with the
U.S. Patriot Act. The intent of the law is to help guarantee a more secure
country and to make certain the banking system is not inadvertently aiding
people or groups who wish us harm.
What does the credit
union do with our identification? We are required to keep proof at
the credit union that we have verified your identification. We are just
supposed to keep a record that we are complying with the Act. Our member
base is periodically checked against a list of known or suspected terrorists.
NOTE: This act
should have little or no affect on law-abiding citizens.