Identification required by the USA Patriot Act
In response to the terrorist attacks on September 11, 2001, President Bush signed the USA Patriot Act into law. The main purpose of the Act is to prevent and detect money laundering and the financing of terrorism. Also, it is anticipated that the Act will benefit all of us by reducing the growing incidence of fraud and identity theft.
In accordance with the Act, USU Charter Federal Credit Union (USUCCU) is required to obtain copies of specific identification information used to verify the identity of any individual, business, or other entity seeking to:
- Open a new account (including deposit accounts, trust accounts, safe deposit accounts, loan accounts, etc.)
- Become a signatory on a new or existing account.
Identification is also required of anyone with an existing account when a new account is opened or when he/she will be added as a signatory on an account unless verification of identity was previously documented.
With the cooperation of members and other account holders, vendors, employees, and other financial institutions we can all reduce the possibility of money laundering, financing terrorism, fraud, and identity theft.