Member Identification Disclosure (Patriot Act)

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 each person who opens an account. All persons are subject to the identity verification requirements even though they may be a long-term member of and well known to the institution.

For the purpose of the regulation, an account includes every formal relationship that entails ongoing services, dealings or transactions. Some examples are a deposit account or a loan.

What this means for you: When you open an account, Bayer Employees Federal Credit Union will request documentary verification of your identity, such as a driver’s license or passport and/or it will verify your identity through other documentary methods.