Common use of Verification Program Clause in Contracts

Verification Program. In order to comply with the USA Patriots Act, effective on or after October 25, 2002, Coca-Cola Federal Credit Union is required to verify the identity of each applicant applying for and opening a new account or service with the Credit Union. As a Financial Institution, the Credit Union is required to obtain and verify the following: name, residential address, tax identification number, and date of birth. The Credit Union pulls a Credit Bureau Report and ChexSystems Report on all applicants at Account Opening in order to verify the applicant’s identity. Additional data may also be gathered depending on the type of account applied for or opened. This Act requires the Credit Union to maintain a copy of the records used for verification of the applicant’s identification and to periodically update this information. Confidentiality of the information maintained by the credit union will be maintained as required under the Privacy Act.