
USA PATRIOT ACT
Procedures for
Opening a New Account
Federal law requires all
financial institutions to obtain, verify and record information that
identifies each person who opens an account. This important measure is
taken to help the government combat funding for terrorism as well as
money laundering activities.
|
What does this
mean for prospective members? |
When you open an
account, we will need you to provide your name, address, date of
birth and other information that will allow us to identify you. You
may also be asked for your driver's license or other identifying
documents.
|
|
How does this
affect long-term members? |
We know it may
seem odd to verify identification of someone we've known for years.
However, to guarantee that nobody “slips through the cracks” the law
was written so that all customer and member identities are
verified. This will not have to be done every time a branch is
visited, but it will be done periodically. |
|
What does the
Credit Union do with identification documents? |
We are required
to keep proof that we have verified identification. Our member base
is periodically checked against a list of known or suspected
terrorists. This act should have little or no affect on law-abiding
citizens. |
We hope you’ll
understand the need for us to comply with the USA PATRIOT Act to help
guarantee a more secure country, making certain the banking system is not
inadvertently aiding people or groups who wish us harm.
Please take
this opportunity to review PCFCU's
Privacy Policy and Terms
and Conditions of Use. |