On October 26, 2001, President Bush signed into law the USA Patriot Act. The purpose of this law is to help protect you, your family and our country from terrorism by preventing terrorist financing. In section 326 of this act, it states that we are now required to:
1. Verify the identity of any person seeking to open an account, to the extent reasonable and practicable,
2. Maintain records of the information used to verify the person’s identity, including name, address, and other identifying information; and
3. Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.
We must also verify the identity of members and non-members added as joint owners and have access to new or existing share accounts and loans.
If you are an existing member who joined the credit union before the USA Patriot Act rules became effective, we may also need to verify and retain copies of any documents used to verify your identity when you request a new deposit account, apply for a loan or are added as a joint owner to a new or existing share of loan account.
Effective September 17th, 2003, the Board of Directors of Bashas' Associates Federal Credit Union passed the Customer Identification Program (C.I.P.) to assure compliance with this new regulation. The credit union's C.I.P. will consist of policies and procedures to comply with the above mentioned requirements. Accounts covered by this new policy will include all formal, on-going account relationships established as share, checking, certificate of deposit (CD's), or other savings accounts, as well as loan account relationships.
HOW DOES THIS AFFECT YOU, OUR MEMBERS
Beginning October 1, 2003, the credit union will now require the following information on ALL accounts or changes to existing account ownerships:
2. Date of Birth
4. Identification number
5. Copy of government issued ID
We will then retain this information throughout the life of the account, and for five years after this account is closed. The credit union will also take reasonable steps to verify the required information as required by the Treasure Department's C.I.P. regulations.
If you have any questions regarding this new regulation, please feel free to discuss them with any staff member of the credit union. We ask for your understanding as we work to support these efforts to maintain security of your funds and our country.
Bashas Credit Union is committed to protecting the privacy of our members. We want to ensure that you can rely upon the quality of products and services we make available and that we stand behind our privacy pledge and policy. Our pledge and policy to our members is simple: Bashas Credit Union will not sell or transfer any personal or financial information regarding our members to any third party.
Throughout the course of business, Bashas Credit Union does partner with selected vendors to process transactions, or to extend additional services and benefits to our members. We hold each of these partners to the same standards of privacy - they are not authorized to transfer any member information to any additional party. Furthermore, their use of any Bashas Credit Union member information is contractually limited to the specific business reason for the partnership.
We do provide credit information to appropriate credit bureaus as disclosed in our account agreements, and those bureaus are prohibited from unauthorized use or transfer of the data.
For your security, we strongly recommend to our members to periodically change any passwords linked to your accounts.
Business Continuity Plan
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