In the current environment, identity verification is more crucial than ever before. Many regulations require that information or services be provided only to a customer after verifying the customer’s identity. For example, under FERPA, institutions can only release certain information about a student. The only way to ensure that information is released only to the authorized individual(s) is to verify the person’s identity prior to releasing information. To rely on the properties and functions of a university identification card, it is essential that the student’s true identity is verified prior to issuing the ID card (regardless of who physically issued the ID card).
Under the Patriot Act and other banking regulations, banks and other parties that handle or transmit funds must have a Customer Identification Program (CIP). Many laws and regulations are primarily implemented in the banking industry, but all entities handling large sums of money may become subject to regulatory scrutiny. A CIP is necessary to comply with Section 326 of the U.S.A. Patriot Act, passed in an effort to prevent terrorist funds from flowing within the United States banking system. The CIP ensures that required identity information is not only verified, but is also retained properly. Given the above considerations, BankMobile has worked with the FDIC and other regulatory agencies to develop a Customer Identification Program that not only meets regulatory requirements, but ensures information and customer funds are protected as well as possible. Proper identification ensures that funds continue to be disbursed to the correct recipient, and maintains regulatory compliance and crime prevention.
Identity Verification Frequently Asked Questions
Acceptable forms of identification include a state driver’s license (including state-issued temporary or provisional licenses with photos), state-issued identification card, military-issued identification card, U.S. or foreign passport, or another form of government-issued photo ID. All forms of identification must be valid (not expired). Only one form of identification needs to be presented to verify a person’s identity.
A Social Security card, birth certificate, bank card (even if it has a photo), university identification card, utility bill or voter registration card are not acceptable to verify identity for Customer Identification Program (CIP) purposes. Any identification document that is expired is unacceptable.
If you do not have one of the acceptable forms of identification, you may provide all of the following: your Social Security card, your birth certificate, a current utility bill with your name and address, and your signature.
The identification document must be valid as of the day you submit it. If it expires today (the day you are submitting it) or tomorrow, it is still valid. If it expired yesterday, it is not valid for ID verification purposes.
At ASU: All paper records are stored in a secure environment, and only authorized personnel have access to these records. Records are shredded when you activate your card.
At BankMobile: All paper records are stored in a secure environment, and only authorized personnel have access to these records. All electronic data is stored in the same secure, encrypted manner as other electronic data collected by BankMobile.
If you do not submit the required information, a hold will be placed on your BankMobile Vibe Account. If you have a hold, you will not be able to access any funds in your account. This process complies with federal guidelines under the USA Patriot Act for unverified accounts.
If a hold is placed on your account, you will receive an email stating that a hold has been placed because BankMobile has been unable to verify your identity. This message will also ask you to log in to view your account online. When you log in, you will be directed to a page prompting you to re-enter some of the data you provided to BankMobile during initial card activation. You will not be able to access all features of the website until this information is submitted. Once you provide BankMobile with updated data, you will be able to enter the website.
Within 24 hours after you submit updated information, BankMobile will use this information to verify your identity. If BankMobile is able to verify your information, the hold will be removed and no further requests for information from BankMobile will be sent.
If BankMobile is not able to verify the information or if you do not enter updated information, then the hold will remain on your account until BankMobile receives a copy of a valid government-issued ID from you. In this scenario, a notice will appear on the website asking for a copy of your valid government-issued ID. Once you acknowledge the notice and promise online to send BankMobile a copy of a government-issued ID, you will be able to view account information on the website. However, the hold will remain on your account for access to funds until BankMobile receives a copy of your valid government-issued ID. The account holder will also be contacted via email and/or phone requesting this information.
If you do not verify your information for 30 days or longer, you will not be able to acknowledge the notice and have access to the website. You will not be able to access the website until BankMobile receives information sufficient to verify your identity. If you are in this situation, you will only be able to view a notice directing you to send BankMobile a copy of a government-issued ID to verify your identity.
If an account holder remains unverified 20 days after opening and funding a BankMobile Vibe Account, he or she will have a hold placed on the account in compliance with the banking regulations. After opening an account online, each unverified account holder may be contacted via email, telephone and/or the website and asked for verification information in a process similar to the one described above. A Patriot Act hold will not be placed on accounts until the account has been unverified for 20 days.