We all know that you need to provide your MIP (Member Identification Program) notice to potential members prior to them opening up a new account, right? Some of you may provide the notice prior to taking the application, others may provide the notice by prominently posting it on the credit union wall, or you may just elect to include the notice in your member packets.
If you are wondering what the MIP notice says, here it is:
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 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. What this means for you: When you open an account, 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.
Now that we have that out of the way, I have a couple questions for you:
Do you allow potential members to complete an application on your website? Can potential members mail in their applications? Do you sponsor or attend events in which you allow individuals to join the credit union?
Have you forgotten anything? If so, take this as a reminder and don’t forget to provide your MIP notice first.