Garner69 wrote:
I totally understand their protocol. I just think it's strange that they approve you for credit cards, mail them, then allow you to deposit money in the account when it's not verified completely. Oh well, we shall wait!
* I guess I missed where you "initially" stated in your first post that you actually applied for credit cards, were approved, and they mailed them to you, and you deposited money into the account.
If you were approved for credit cards and they mailed them to you, why would you have to update your address online?
It seems like it is totally unconnected to the issue at hand? Why update your address?
Not sure why anyone in the post September 11, 2001 world would choose not to have updated government photo ID.
This Credit Union is just complying with the
SEC. 326. VERIFICATION OF IDENTIFICATION of The Patriot Act of October 2001.
PUBLIC LAW 107–56—OCT. 26, 2001
UNITING AND STRENGTHENING AMERICA BY PROVIDING APPROPRIATE TOOLS REQUIRED TO INTERCEPT AND OBSTRUCT TERRORISM (USA PATRIOT ACT) ACT OF 2001
OCT. 26, 2001 Public Law 107 –56
107th Congress An Act To deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
. . .
SEC. 326. VERIFICATION OF IDENTIFICATION.
(a) IN GENERAL
Section 5318 of title 31, United States Code, as amended by this title, is amended by adding at the end the following:
(l) IDENTIFICATION AND VERIFICATION OF ACCOUNTHOLDERS
(1) IN GENERAL
Subject to the requirements of this subsection, the Secretary of the Treasury shall prescribe regulations setting forth the minimum standards for financial institutions and their customers regarding the identity of the customer that shall apply in connection with the opening of an account at a financial institution.
(2) MINIMUM REQUIREMENTS
The regulations shall, at a minimum, require financial institutions to implement, and customers (after being given adequate notice) to comply with, reasonable procedures for
(A) verifying the identity of any person seeking to open an account to the extent reasonable and practicable;
(B) maintaining records of the information used to verify a person’s identity, including name, address, and other identifying information; and
(C) consulting lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency to determine whether a person seeking to open an account appears on any such list.
* 2017 - 2001 = approximately 14 years this law has been in effect?
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