USA PATRIOT ACT – CUSTOMER IDENTIFICATION PROGRAM POLICY
The USA Patriot Act is part of the anti-terrorism legislation enacted after September 11, 2001. This act requires all finanicial institutions to take extra security precautions 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, a joint owner added to an account, or co-applicant on a loan if not currently a member. These new procedures are designed to prevent crimes, such as identity theft and account fraud that terrorists commit to finance their operations against the United States and its citizens.
When an account is opened or changed, members are asked for their name, address, date of birth, or other information that will allow us to identify them. We will also ask to see their driver’s license or other identifying government issued documents. The definition of an account covers a broad range of regular financial transactions such as deposit, transaction, asset, or credit accounts or other extension of credit. The required verification may be inconvenient for some but a strong deterrent for terrorists and other criminals.
We will only request the information required by the law, and we will use the information only for purposes of complying with the law. Privacy is our top concern, and we will respect and protect it as always, consistent with the law’s requirements.