NOTICE REGARDING PROCEDURES FOR NEW ACCOUNT OPENINGS
In accordance with federal law aimed at combating terrorism funding and money laundering, financial institutions are mandated to collect, verify, and document information identifying individuals opening new accounts.
Implications for you: When initiating an account, we will request details such as your name, address, date of birth, and other pertinent information for identification purposes. A presentation of your driver’s license or other relevant identification documents may also be required.
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Modification to MasterCard Cross-Border Transaction Fee
As of April 7, 2006, the currency conversion fee will be discontinued. Instead, the following fees will apply:
A 0.2% fee will be charged to card issuers for cross-border transactions converted from foreign currencies to U.S. dollars (i.e., currency conversions).
A 0.8% fee will be applied to card issuers for all cross-border transactions (excluding transactions initiated in U.S. territories or at U.S. military bases in foreign countries). This fee will be levied on the credit union regardless of whether a currency conversion occurs.
Effective April 7, 2006, all fees related to cross-border transactions will be billed to the member’s account.