PATRIOT ACT'S MEMBER IDENTIFICATION POLICY
CUSTOMER IDENTIFICATION PROGRAM (CIP)
The CIP requires financial institutions to create policies and implement procedures to collect and verify enough identification information to form a "reasonable belief" that it knows the true identity of a member/customer. It also requires that financial institutions crosscheck the names of members or account signers against the government's list of known or suspected terrorists.
ACCOUNTS THAT ARE SUBJECT TO THE CIP
All deposits and loan accounts are subject to the PATRIOT ACT including but not limited to new members, existing members who apply for a loan and/or members who are added as a signatory to a new or existing deposit or loan account. This includes individuals, and anyone representing a business and/or other organizations' and all signatories on accounts, whether added at the time the account is opened or at a later time.
The following is a list of acceptable means of identification (must have two forms)
Children's form of identity
Copies of these documents must be received and kept by the Credit Union in the member's file.
If the member is not able to open an account in person
The mission of the Electric Cooperatives Federal Credit Union, a financial cooperative, is to provide sound competitive financial services to those individuals who are associated with the Electric Cooperatives of Arkansas.