Beginning today, don't be surprised if you get asked more questions than usual where you bank if you try to open a new account. That's because Oct. 1 is when commercial banks, savings banks, credit and brokerage firms and other financial providers must comply with rules of the Patriot Act. The new federal law basically will allow financial institutions to ask more questions about you than previously if the entity thinks that's necessary for background purposes, industry consultants told Bankrate.com. For example, new questions might involve other accounts that can be linked to the customer; the customer's business and job; tax status; and the customer's investment objectives IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT As a result of the events of September 11, 2001, the USA Patriot Act was signed into law. In order to prevent the use of the United States banking system in terrorist and other illegal activity, Section 326 of the USA Patriot Act requires that we must: Verify the identity of any person opening a new account Request and maintain records on the information used to verify the personâ??s identity including name, address, date of birth and other identifying information SECU Credit Union will comply by obtaining valid identification and verifying all information given for the use of opening new account relationships. In some cases, identification for existing account relationships may be requested so that the credit union can ensure we know the true identify of each individual. These requirements may not be waived under any circumstances. You will most likely get declined or have a letter sent to you requesting your SS #, DOB, Physical address, for verication in order to get appved..
THE FOOLS ACT!!!! What is next...they gonna' ask how many times a day you take a PISS???? SS# TAX AND INCOME PURPOSES ONLY----IS USE FOR EVERYTHING NOW!!! I MUST ask for ID to send a MONEY GRAM when it is paid to me with CASH!!!!!!! (over a certain amount) SEARS restricts CASH payments for their credit cards!!!
NOT THAT I USE CASH...BUT I MIGHT JUST START USING MEGA BUCKS OF CASH TO SHOW MY DIS-APPROVAL OF THEIR SO-CALLED PATRIOT ACT!!! Just more government intervention into your lives!!! SOMEBODY TRIES TO PAY FOR THEIR BIG SCREEN TV BILL ON THEIR SEARS CARD WITH CASH AT THE STORE...NOW THEY ARE A TERRORIST???
Hmmmm...when I opened up my CU account many years ago (way before 9/11) I was asked for ID and they had to verify it plus run me thru telecheck, etc... Don't they normally ask for information like that when you open up an account? How does this act change it?
Banks that have been asking for valid ID AND have been trained to ask good profiling (ie. sales) questions will see almost NO difference in the level of service. It will be the smaller institutions and credit unions that may feel more uncomfortable with the "new" measures. Banks have been required to "Know your Customer" for decades.
I have no problem with ID's etc... but if they are going to start running my CBR everytime I renew a CD or open a Trust account for my kids or require my investment objectives this would be excessive
The provisions of the Fools Act that I love is how they require them to only accept a street address as a valid address for opening up an account. Like everyone who uses a PO BOX is Osama Bin Laden... (We are required to only accept a physical street address.)
Re: Re: Patriot Act There are people I know that live in the BOONIES that have PO BOXES...THE POST OFFICE REQUIRES IT!!!!!!! THEY EVEN GIVE THEM THE PO BOX FOR FREE (since it is REQUIRED)!!!!! THEIR ADDRESS IS A PO BOX!!!!! IS A BANK GOING TO TELL THE UNITED STATES POST OFFICE THAT THEY MUST GIVE THESE PEOPLE A "REAL" ADDRESS??????
Re: Re: Patriot Act DRIVERS LICENSE DEPARTMENT ACCEPTS IT!!! The banks gonna' tell them to STOP THAT????
