20 - MEMBER IDENTIFICATION POLICY
(Patriot Act Compliance)
It is the policy of Butte Federal Credit Union to determine and verify the identity of all persons applying for membership. The Credit Union’s procedures for doing so shall be in compliance with Section 326 of the USA Patriot Act and Part 103.121 of the regulations under the Bank Secrecy Act. Procedures for verifying the identity of potential members shall be sufficient to enable the Credit Union to form a reasonable belief that it knows the true identity of that person.
B. Individuals Subject to Policy
This policy shall apply to all persons who become members of Butte Federal Credit Union after the September 9, 2003 adoption of this policy.
C. Required Information
The following information shall be obtained on all individuals:
1. Name and address. If a post office box address is provided as a mailing address, a residence address must also be obtained. General Delivery addresses shall not be accepted.
2. Date of birth.
3. Identification number. For U.S. citizens, this should be a social security number, individual taxpayer identification number or employer identification number (for business accounts). Non-U.S. citizens should provide a U.S. taxpayer identification number, passport number with country of issuance, alien identification number, or any other government issued document that contains a number and country of issuance evidencing nationality or residence and bearing a photograph or similar safeguard.
Individuals who have applied for, but not yet received their taxpayer identification number may open an account with the Credit Union. A copy of their taxpayer identification number application must be submitted to the Credit Union at the time of the account opening. The new member shall be required to provide the taxpayer identification number within six weeks of account opening. Failure to do so shall result in immediate suspension of all Credit Union services.
4. Photo identification that shall be photocopied for retention by the Credit Union. The order of preference is:
a. A current California driver’s license (or other state issued driver’s license)
b. A current passport
c. A current government issued photo identification
d. A Matricula
e. A student body identification card
5. In lieu of a photo identification, the following shall be photocopied for retention by the Credit Union:
a. Minor’s accounts: A certified copy of a birth certificate.
b. Non-documentary identification: For individuals who do not have any of the above items the Credit Union will accept two forms of original alternate identification, such as social security card, medical insurance card, utility bill, real estate tax bill, certified copy of a birth certificate, or current bank statement of another financial institution.
D. Record Keeping
Information obtained shall be stored in each member’s personal account file at the Credit Union and shall be retained for at least 5 years from the date of account closure.
Butte Federal Credit Union shall not establish an account with an individual or allow an individual to become a signatory party to an account until the required information is obtained.
F. Comparison with Government Lists
All names of individuals subject to this policy shall be compared against those lists as issued by the U.S. Treasury for identification of known or suspected terrorists and their organizations.
A copy of this policy shall be displayed in each branch office.