Common use of Opening Accounts Clause in Contracts

Opening Accounts. a. To help the government fight the funding of terrorism and money laundering activities, Federal law requires that all financial institutions obtain, verify, and record information that identifies each person who opens an account. When you apply to open an account, we may ask to see a valid government ID, physical address verification, or other identifying documents or information that will identify you. Trademark FCU reserves the right to deny membership if you fail to provide satisfactory identification. b. Until identification verification of all applicable persons is completed, transactions related to the new account(s) may be limited. c. Consumer credit reports may be obtained in connection with your application for accounts or services. If you request, you will be informed if consumer reports were obtained. If reports were obtained and any adverse action taken, you will be informed of the names and addresses of the consumer reporting agencies (credit bureaus) that furnish the reports. d. You acknowledge that all the information you provide on your application is true and correct. e. To provide you with excellent service and for your and the Credit Union’s protection, you agree that we may image and retain a copy of your valid government ID or documents used to validate your identity. f. If no transactions have been made within a calendar year, account(s) are classified as inactive. After three calendar years of inactivity, an account is considered a dormant account. Inactive and dormant accounts may be subject to fees. Please refer to our Rate and Fee Schedule for the most updated information. We reserve the right at our option, to not classify a particular account as either inactive or dormant if any owner has other active accounts or services with us. Unless prohibited by applicable law, we further reserve the right to transfer your dormant account funds to a general Credit Union account and to suspend any further account statements. As applicable, unclaimed funds will be sent for escheatment within the time frame dictated by applicable law.

Opening Accounts. a. To help the government fight the funding of terrorism and money laundering activities, Federal law requires that all financial institutions obtain, verify, and record information that identifies each person who opens an account. When you apply to open an account, we may ask to see a valid government ID, physical address verification, or other identifying documents or information that will identify you. Trademark FCU reserves the right to deny membership if you fail to provide satisfactory identification. b. Until identification verification of all applicable persons is completed, transactions related to the new account(s) may be limited. c. Consumer credit reports may be obtained in connection with your application for accounts or services. If you request, you will be informed if consumer reports were obtained. If reports were obtained and any adverse action taken, you will be informed of the names and addresses of the consumer reporting agencies (credit bureaus) that furnish the reports. d. You acknowledge that all the information you provide on your application is true and correctandcorrect. e. To provide you with excellent service and for your and the Credit Union’s protection, you agree that we may image and retain a copy of your valid government ID or documents used to validate your identity. f. If no transactions have been made within a calendar year, account(s) are classified as inactive. After three calendar years of inactivity, an account is considered a dormant account. Inactive and dormant accounts may be subject to fees. Please refer to our Rate and Fee Schedule for the most updated information. We reserve the right at our option, to not classify a particular account as either inactive or dormant if any owner has other active accounts or services with us. Unless prohibited by applicable law, we further reserve the right to transfer your dormant account funds to a general Credit Union account and to suspend any further account statements. As applicable, unclaimed funds will be sent for escheatment within the time frame dictated by applicable law.