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Asking for Proper Customer ID, Prohibited?
Answer by Andy Zavoina, BOL Guru
Guru Bios
Question: Is it part of the Privacy Act of 1978 that a customer does not have to show proper identification for a financial transaction? Are there any federal regulations that prohibit an FI from requesting proper ID?
Answer: The financial institution has an obligation to know who it is doing business with and therefore always has the right to ask for identification it feels is necessary.
It is common to see unsubstantiated rumors, especially on the internet, purporting that identification requirements do not exist and it is illegal for a financial institution to require a Social Security Number. These are simply not true. If the person doesn't want to provide what is requested, they do not have to be served.
First published on BankersOnline.com 11/21/2005
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