U.S. PATRIOT Act
What is the U.S. PATRIOT Act?
The U.S. PATRIOT Act is a Federal law that requires credit unions and other financial institutions to obtain, verify and record information that identifies each person that opens an account. We are required to take extra security precautions to help the government fight the funding of terrorism and money laundering activities. These new procedures are designed to prevent crimes, such as identity theft and account fraud that terrorist commit to finance their operations against the U.S. and its citizens. The required verification may be inconvenient for some but a strong deterrent for terrorists and other criminals.
When does it apply?
Any time that an account is opened or changed, you will be asked for your name, address, date of birth and other information that will allow us to identify you. We will also ask to see your driver’s license or other identifying government issued documents. Please see the complete listing of acceptable IDs.
Does the U.S. PATRIOT Act only apply to those who open or change an account?
No. It also applies to a broad range of regular financial transactions, such as deposit, transactions, asset, or credit accounts or other extension of credit.
Why does WEPCO keep a copy of my ID?
We are required by law to have a record of how we were able to ID each member. You can rest assured that we will only request the information required by the law and that we will use the information only for the purposes of complying with the law. Your privacy is our top concern, and we will respect and protect it as always, consistent with the law’s requirements.
What types of ID can I use to identify myself?
In most cases, WEPCO requires a valid driver’s license, state ID card, or passport. For minors, WEPCO requires two forms of ID which normally is a birth certificate and social security card. Please contact the credit union if you would like to verify if another form of ID would be acceptable.
Does the photo on my account count as my ID?
When you are opening or changing an existing account, we will request to see your ID. For general transaction purposes, deposits, withdrawals, etc., if we can easily identify you by your photo, it will acceptable since ID was required before the photo was taken. This is solely at the staff’s discretion. They have every right to ask for ID if they are uncertain of your identity based on the photo. All credit applications will require your ID at the time of application.
Thanks for your understanding and help in this critical effort. The war on terrorism will be fought on many fronts, and this is one of them. If you have any concerns or questions, please feel free to call us at 301-359-3081 or toll-free 800-292-8139.
All shares are federally insured by the National Credit Union Administration (NCUA) for up to $250,000. The following documents or websites have more information: