Additional Account Opening Requirements
MORE INFORMATION NEEDED TO SATISFY FEDERAL RULES
Beginning in May, SLFCU must ask more questions and collect additional information about account holders when members open a new account. Even those who already have an SLFCU account will need to provide this additional information.
This is due to new government regulations that require SLFCU collect information about the nature and purpose of our member relationships. All financial institutions must comply with the new standards.
PERSONAL ACCOUNTS
Whether you open a new account online, by phone, or at a branch, you must answer some questions about how you plan to transact on your account. For example, approximately how much cash do you expect to deposit each month? Our financial service representatives can provide guidance if you have questions.
BUSINESS ACCOUNTS
SLFCU will now ask members applying for a business account to provide information, including social security number and date of birth, for at least one and up to five people – an individual with significant responsibility for managing the business, such as the president or CEO, as well as anyone with a 25% or greater equity interest in the company, either directly or indirectly owned.
Thank you for helping us comply with these requirements.
« Return to "View All Articles"
