Important Information About Procedures for Opening a New Account
The USA Patriot Act was created by our federal government in response to the September 11, 2001 terrorist attacks. Section 326 of the Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who either opens an account or makes changes to an existing account. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
These requirements apply to both new customers and existing customers. We apologize for any inconvenience this may cause, but we are prohibited by the law from waiving these requirements.
Important Information About Opening a Legal Entity Account
Section 326 of the USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account for a covered Legal Entity. New rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.
Each time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number and identification documents) for:
- Each individual that has beneficial ownership (25% or more) in the Legal Entity; and
- One individual that has significant managerial responsibility for the Legal Entity.
Eastern Michigan Bank proudly support all efforts to protect and maintain the security of our customers and our country.