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 this 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 documents.”
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.
I've Been 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 you’ll 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.