Federal regulations enacted pursuant to Section 326 of the USA Patriot Act require all financial institutions to verify the identity of every person who seeks to open an account or becomes a signatory on an account, with this institution after October 1, 2003. All persons are subject to the identity verification requirements even though they may be a long-term client of the bank and well known to the bank.
For the purpose of the regulation, an "account" includes every formal banking relationship that entails ongoing services, dealings or transactions. Some examples are a deposit account, loan account or safe deposit box rental.
If you request to open an account or become a signatory on an account with Provident Community Bank and we have not previously verified your identity under the new regulatory requirements, Provident Community Bank will request documentary verification of your identity. Such documentary verification may include an unexpired driver's license or passport and/or verification of your identity through other nondocumentary methods. Similar identification requirements apply to business entities such as corporations and partnerships.
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