Board members should be prepared to provide copies of their driver’s license as well as name, address, date of birth and social security number to the association’s bank.
 
In compliance with the Federal Patriot Act, the U.S. Treasury Department issued a final regulation on May 9, 2003 for all financial institutions. The regulations require that all financial institutions develop a Customer Identifying Program that contains procedures to: 

1. Collect identifying information about customers opening an account;

2. Verify that the customers are who they say they are; and

3.  Determine if customers appear on a list of suspected terrorists or terrorist organizations.

The procedures may vary by financial institution but must include customer name, address, date of birth and social security number. In addition, a copy of a driver’s license or passport may be required by financial institutions before opening new accounts. The Customer Identifying Program must go into effect on October 1, 2003. This means that if your association changes banks after October 1, 2003, board members will be required to provide much more information.