Customer ID Program

Section 326 of the USA Patriot Act requires all financial institutions to take extra security precautions to help the government fight the funding of terrorism and money laundering activities. Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. All persons are subject to the identity verification requirements even though they may be a long term customer of and well known to the institution.

For the purpose of this regulation, an “account” includes every formal banking relationship that entails ongoing services, dealings or transactions. Some examples are loans, savings accounts and certificates of deposit.

What this means for you: When you open an account with Minnesota First Credit and Savings, Inc., and we have not previously verified your identity under the new regulatory requirements, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Similar information will also apply to business entities such as corporations and partnerships. Minnesota First Credit and Savings, Inc. may retain a copy of any document it relied on to verify your identity.

You will only be asked for information required by the law and that information will only be used for the purpose of complying with the law. Your privacy is a top concern for us and will always be respected and protected consistent with the law’s requirements.

We appreciate your understanding and cooperation.