Getting to Know You!

The Patriot Act

The Patriot Act was passed by Congress following the September 11 attacks and is intended to protect the country from money laundering and terrorist financing. Part of the Act requires credit unions to verify the identity of everyone doing business with them. Beginning October 1, 2003 new credit union members who want to open an account will be asked their names, address, tax identification number, date of birth and may be required to show proof of this information. Existing members will be asked for identification information as they open new accounts or use additional credit union services. More in-depth questions also may be asked depending on the type of transaction and the amount of money involved.

Identification verification records will be kept confidential and will be updated periodically. A member's information will be checked against lists of known or suspected terrorists or terrorist organizations.

While the law requires credit unions be accountable for knowing their customers, credit union officials say the average member won't be affected by the new regulations and probalby won't notice any difference.