The USA Patriotic Act was signed into law on October 26, 2001 by President George W. Bush Jr. The Act contains a number of provisions requiring the financial services industry to take steps to assist in the war against terrorism though a program of prevention and detection.
Title III of the Act directly impacts financial institutions and amends several sections of the Bank Secrecy Act. Section 326 of Title III requires financial institutions to create and implement what is referred to as a customer identification program. The goal of such a program is to establish a process whereby institutions verify the identity of each customer at the time an account is opened.
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 every person who opens an account or creates a new relationship.
If you open a new personal or business account or relationship and do not have an existing account or relationship with State Bank of Herscher and/or open a new account for an individual who lacks legal capacity such as a minor and/or open an account for an entity that is not a legal person, such as a civic club, we will ask for:
- Your name.
- Date of birth.
- Physical address.
- Federal tax ID.
And, we will verify this information through these approved documents:
- Valid State-issued driver's license with name, address, photo and description.
- Valid U.S. passport.
- Valid Military ID
In some cases, secondary identification may be required in addition to one of the primary identification documents. These may be situations such as recent address or name change.
We will continue to deliver quality customer service in the implementation of this program. If you have questions about the Act, please call us at 815-426-2156 and we will be pleased to explain why the information is required and how our efforts may protect you.
