 In the Know
USA Patriot Act
The USA PATRIOT Act was passed after the 9/11 attacks in an effort to protect the nation from terrorist financing. The Act requires credit unions to verify the identity of everyone doing business with them.
Beginning Oct. 1, 2003, new members will be asked for name, address, tax identification number, date of birth, and must show a photo ID. Existing members will be asked for identification information as they use additional credit union services. Identification verification records will be kept confidential and updated periodically. These practices also will guard you against the crime of identity theft.
Thank you for supporting Appalachian Community Federal Credit Union's attemts to comply with the PATRIOT Act to help guarantee a more secure country.
As part of the USA PATRIOT Act Appalachian Community Federal Credit Union is implementing new security measures that protect you and your credit union.
The PATRIOT Act requires all financial institutions to implement specific procedures to:
* Verify a person's identity when opening an account;
* Maintain records of information used to verify a person's identity; and
* Determine if the person opening an account appears on any lists of known terrorist suspects provided by a government agency.
These new security measures will not only help prevent money laundering and fight financial support of terrorism, but also will help in the prevention of identity theft and other types of fraud.
The USA PATRIOT Act is part of antiterrorism legislation enacted after Sept. 11, 2001.
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