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..