CIP / FINCEN / Patriot Act

[TonyF]

CIP = Customer Identification Program

So I'm at the credit union today transacting a cash deposit of $400 into a savings account and the Teller informs me they need to scan a copy of my drivers license for their file. I'm not sure if they wanted a hard copy print or an electronic file in the form of a bitmap or jpeg, etc.

I decline and another lady tells me it's federal law. I know this seems to be a policy intitiative of many financial institutions in order to comply with certain provisions of the patriot act.

In any event I declined and told them I would research the matter in depth myself. No other financial institution where I have active accounts has requested a copy of my license.

From what I've researched, my understanding is that identification is only required when amounts of $10,000 or greater are transacted.

I surfed this site www.bankersonline.com for information.

Can any of you Wall Street types shed more light on the subject?

[whoshisface]

LOL Put in in the ATM and they won't pull that crap with you! Of course you're not supposed to put cash in there I think, but I've done it before!

[ChamberedRound]

CIP = Customer Identification Program

So I'm at the credit union today transacting a cash deposit of $400 into a savings account and the Teller informs me they need to scan a copy of my drivers license for their file. I'm not sure if they wanted a hard copy print or an electronic file in the form of a bitmap or jpeg, etc.

I decline and another lady tells me it's federal law. I know this seems to be a policy intitiative of many financial institutions in order to comply with certain provisions of the patriot act.

In any event I declined and told them I would research the matter in depth myself. No other financial institution where I have active accounts has requested a copy of my license.

From what I've researched, my understanding is that identification is only required when amounts of $10,000 or greater are transacted.

I surfed this site www.bankersonline.com for information.

Can any of you Wall Street types shed more light on the subject?

FWIW, when I opened the bank account I currently have, I was asked for proof of identity. I provided my license, but no copy of the license was made. They verified the photo and took down the license number on the application. I was also NOT asked for my Social Security number either.

[KeithPA]

Damn... must have alot of terrorists living in your neighborhood.

From what I've researched, my understanding is that identification is only required when amounts of $10,000 or greater are transacted.

I never go into banks, just use the ATM. Ours let us use cash or checks.

If it isn't the banks policy, more likely than not the gov't stopped by and ASKED them copy IDs for large cash deposits. Just like when the gov't stops by your local public library and trolls for information. Off the record of course.

Added.... I like how friendly that program name sounds. Almost makes me feel if I'm the 100th customer to be spied on I win a prize

[IceFire]

For $400, that was a little excessive. The bank MUST file paperwork on amounts of $10,000 or more for a single transaction, and sometimes numerous transactions within a few days to avoid that limit (a technique known as "smurfing"). I could understand if the amount was $4,000, but for $400? I think someone was being a bit "overzealous".