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 member who opens an account. An account includes: share accounts, checking accounts, IRA accounts, loan accounts, or other services.
Specifically, in accordance with Section 326 of the USA PATRIOT ACT, all financial institutions are required to:
Obtain certain information on any member seeking to open a new account with the credit union, including shares and loan accounts.
Verify the identity of all members by requesting information, such as driver's license or other identifying documentation.
Record the information used to verify the member's identity, such as name, residential address, date of birth, as well as any other information that is used to identify the member.
The Kappa Alpha Psi Federal Credit Union intends to comply with this law fully by not only collecting the required information but also verifying the information provided by our members. In some cases, identification will be requested for existing members because original documentation was not obtained or documented when their initial accounts were established. In all cases, the protection and confidentiality of all of our member's personal information is the credit union's pledge to you.
Prior to opening an account, all applicants must read the Customer Identification Program Notice. By clicking on the link below, you would have acknowledged reading the notice above.
