USA Patriot Act
On September 11, 2001, our lives changed forever when our country was attacked. In an effort to protect you and our country, President Bush signed the USA Patriot Act into law on October 26, 2001.
IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT
Section 326 of the USA Patriot act says we must:
- Verify the identity of any person seeking to open a new account.
- Maintain records of the information used verify the person’s identity including name, address and other identifying means.
ACT 1st FCU will follow this law by obtaining picture identification and verifying other information given by the member. In some cases, identification will be requested for those who obtained membership with ACT 1st FCU prior to October 26, 2002, because original documentation was not obtained with the opening of the account. In all cases, protection of our member’s identity and confidentiality is the Credit Union’s pledge to you.
IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT
Section 326 of the USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account for a covered Legal Entity. New rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.
Each time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number and identification documents) for:
- Each individual that has beneficial ownership (25% or more) in the Legal Entity; and,
- One individual that has significant managerial responsibility for the Legal Entity.
We proudly support all efforts to protect and maintain the security of our members and our country.
