USA Patriot Act
The USA Patriot Act was signed into law on October 26, 2001, to help the government fight the funding of terrorism and money-laundering activities. Merchants Bank of Commerce, like all financial institutions, is required by U.S. Federal law to obtain, verify and record information that identifies each person (individuals or businesses) who opens an account. This means that when you open an account, we will ask for your name, address (no P.O. Boxes), date of birth, social security number, drivers’ license or other identifying documents and other information that will allow us to identify you. If you are opening an account on behalf of a business entity, documents relating to the business may also be requested. We may need to contact you to provide additional information or documents for identity verification purposes. If our verification efforts cannot confirm any part of your identification information, an account representative will contact you by telephone or by mail in an attempt to clarify the inaccuracy with you.
USA PATRIOT Act Information – CUSTOMER NOTICE
Important information about procedures for opening or changing an account with Merchants Bank of Commerce.
Section 326 of the USA PATRIOT ACT requires all financial institutions too obtain, verify, and record information that identifies each person who opens an account or changes an existing account. This federal requirement applies to all new customers and current customers. 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 to you: when you open an account or change an existing account,we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them. We will ask to see each person’s driver’s license and other identifying documents and copy or record information from each of them.