On September 11th, 2001 our country was attacked and our lives were changed forever. In an effort to protect you and our country, the USA Patriot Act was signed into law October 26, 2001 by President Bush.
To help the government fight the funding of terrorism, money laundering activities and to prevent identity theft, federal law requires all financial institutions to obtain, verify and record information that identifies each person or entity who opens an account.
Section 326 of the USA Patriot Act says we must:
- Verify the identity of every person or business entity who seeks to open an “account” or becomes a signatory on an account with City Bank (which includes Trust, Investments, Safe Deposit, Loans and Deposit Accounts).
- Retain a copy of any document we relied on to verify your identity.
City Bank will follow this law by obtaining government issued picture identification and verifying other information given by the customer such as social security number/tax identification number, birth date, physical address or any other identifying means. All persons are subject to the identity verification requirements even though they may be a long-term customer or well known to the bank. Similar identification requirements will also apply to business entities such as corporations, partnerships and other business ventures. When a business entity is newly formed we will require each signatory’s individual information.
City Bank pledges to maintain our customer’s confidentiality
and supports all efforts to protect our country.