USA PATRIOT Act
The USA PATRIOT Act is a federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This is part of the government’s effort to fight the funding of terrorism and money laundering activities. What it means for you When you open a credit card account, the bank will ask for your: Full Legal Name Residential Address (Physical address, not a P.O. Box) Date of Birth Social Security Number (or other Taxpayer Identification Number) Identifying Documents: A copy of your driver’s license, passport, or other government-issued photo ID. Why this data is collected This requirement ensures that financial institutions know exactly who their customers are, making it significantly harder for illegal actors to hide money within the U.S. financial system. ...