You know the question by now… the infamous, “May I see your ID Please?” Chances are, somewhere along the way, you’ve been asked to show some form of valid identification. Buying a car, a house…. cashing a check, making a deposit, withdrawing money from an account… even checking into a hotel… the list of occasions when you and I have to show an ID can be endless. And even though we know the reasons why are pretty self-explanatory, let’s look a bit closer and discover why showing a valid ID is so important, especially in the financial services marketplace.

Signature Verification comes to mind, first and foremost. And this is protection not only for you, but also for your financial services provider as well. In todays’ fast pace age of E-Documents and non-face-to-face purchases, it can be challenging for lenders to ward off fraud. Financial institutions collectively spend millions of dollars each year, providing both you and them protection. And those dollars are considered necessary. But, even beyond this age of technology, something as simple as asking for a valid ID has proven to be perhaps one of the most common and most cost-efficient forms of security protection when seeking to prevent unauthorized activity. It’s not sure proof. But it works. It can be considered bothersome or even downright offensive to some. But it sure beats the consequences, right?

Since Tri-Lease secures funding for small businesses who are investing in equipment, let’s talk specifically about a scenario that a business owner would never want to have happen. Imagine for a moment you receive an invoice from us for an equipment purchase that you made. But come to find out, you didn’t make the purchase at all. You never authorized the purchase. Instead, your service department really needed a brand-new alignment machine and they just knew, as the owner of the business, you would approve of the purchase. So, the application is submitted, the account is approved and the finance documents are signed. But, as the business owner, you were not even aware this purchase was being made. Frightening right? But it could happen. And it has happened. Especially for business owners who may not be hands-on. Chances are you would have been perfectly okay with the purchase. But, a simple “May I see your ID Please?” could have helped avoid all the challenges that you may have had to endure to prove otherwise..

In fact, providing a valid ID has become the law. Section 326 of the USA Patriot Act requires all financial institutions to implement reasonable procedures for verifying the identity of any person who applies for mortgage, a loan and even equipment financing. And the most prudent way to identify a person is to simply view a valid ID.

So, this begs the question. What can be considered a valid ID? There is no set number of ID forms required, but there are very specific ones that are acceptable. Keep in mind, Section 326 simply demands that every financial institution adopts a CIP (Customer Identification Program) that is appropriate for its business. At Tri-Lease, we believe in making it easy and less invasive. Because of this, we’ve implemented a policy of requiring only one form of ID that can verify the identity and signature of the authorized signor. Outlined below are the forms of ID that we accept (Each must be valid and current/non-expired)

• Driver’s License
• Military ID
• State Issued ID
• US Green Card
• US Issued Passport
• Social Security Card
  
  

In all cases, protection of our customers’ identity and privacy is always our commitment to you. It’s important to know that we are, not only required to follow the instructions outlined by Section 326 of the USA Patriot Act, but just as crucial, we are required to also satisfy all obligations demanded of us by you under the Privacy Act of 1974. So, the next time someone asks you the question, “ May I See Your ID?” be confident in knowing that, despite the reasons why, the main purpose is to serve and protect your best interest. It’s our priority

TIPSTHAT CAN BE HELPFUL WHEN SIGNING OFFICIAL DOCUMENTATION

• Sign in blue ink… especially when originals are required. It helps eliminate what is original and what may be considered copies.
• Sign like the signature you find on your ID, even if your current signature is different.
• Check your ID’s expiration date… be sure to renew if expired.