USA PATRIOT Act Disclosure
Important Information Concerning Procedures For Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents
Ashland Credit Union is committed to safeguarding your personal information. Therefore, we take the requirements of the USA PATRIOT Act to heart. By adhering to these requirements, we help ensure the protection of your personal financial information. These precautions reduce opportunities for those who would seek to gain access to private account information and funds through deceptive practices. Not only will these measures protect you, our member, but they will help to protect America, and preserve the safety and security She offers to all individuals that live within Her borders.
Questions & AnswersMany may have heard about the USA PATRIOT Act. The Credit Union is providing this information to help answer some frequently asked questions. If you require additional information, please do not hesitate to ask one of our friendly member representatives.
What is the Patriot Act?
In response to the tragic events of September 11, 2001, President Bush signed into law the USA PATRIOT Act, which stands for Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.
What does this law have to do with my Credit Union?
The terrorists responsible for the September 11th attacks used fake Social Security numbers and identifications to establish bank accounts in the United States. The accounts were used to launder and funnel money into the U.S. to finance their operations. In response, the USA PATRIOT Act was enacted to strengthen the Money Laundering Control Act of 1986, especially with respect to foreigners and overseas institutions.
How will this law apply to me?
The USA PATRIOT Act required the Department of Treasury to establish minimum standards for verifying the identity of persons opening accounts at financial institutions in the United States. These regulations require financial institutions to obtain certain information such as a name, physical address, identification number (usually a Social Security number), and birth date. In addition, the financial institutions must verify this information by obtaining certain documents and performing certain follow-up procedures to ensure that the information is correct.
What will I be required to do?
Nothing, until you request a new account from the Credit Union.
What if I have been a member of the Credit Union for years and want to open a different or new account?
In many cases, we may have already obtained all the information and performed the verification procedures required by the USA PATRIOT Act and you will not notice anything different when obtaining a deposit account or loan product. If we have not performed the required procedures and to be in compliance with the federal regulations, you will be asked to provide certain documents or possibly respond with a follow-up call.
What will happen if I do not wish to provide information or documents?
Under federal law, we will not be able to open the account in which you are applying.
What will happen to the copies of the documents and information I provide the Credit Union?
Your information will be kept confidential. This information will not be shared with anyone outside the Credit Union. Federal law requires that all financial institutions safeguard your personal information.
1300 Central Ave
Ashland, KY 41101