You know the question by now, “May I see your ID, Please?” Chances are, you’ve been asked to show some form of valid identification somewhere along the way. Buying a car, or a house, cashing a check, making a deposit, withdrawing money from an account, and even checking into a hotel; the list of occasions when you and I have to show an ID can be endless. Even though we know the reasons are self-explanatory, let’s look 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. This is protection not only for you but also for your financial services provider as well. In today’s 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 annually to protect all parties involved in the transaction. 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 investing in equipment, let’s talk specifically about a scenario that a business owner would never want to have to happen to them. Imagine for a moment that you receive an invoice from us for an equipment purchase that you made. But come to find out, you didn’t purchase it at all. You never authorized the purchase. Instead, your service department needed a brand-new alignment machine, and they just knew, as the business owner, that 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 unaware that 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 you may have had to endure to prove otherwise.

Did you know that 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 a mortgage, a loan, and even equipment financing. The most prudent way to identify a person is to 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 specific ones that are acceptable. Section 326 demands that every financial institution adopt a CIP (Customer Identification Program) appropriate for its business. At Tri-Lease, we believe in making it easy and less invasive. Because of this, we’ve implemented a policy 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, protecting 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 also required to satisfy all obligations demanded of us by you under the Privacy Act of 1974. So, the next time someone asks you, “ May I See Your ID?” be confident in knowing that, despite the reasons why, the primary purpose is to serve and protect your best interest. It’s our priority.

TIPS THAT 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.
• Do not use signature stamps or a computer-printed signature. (The only time an electronic signature is ok is when signing a DocuSign document)
• Sign like the signature you find on your ID, even if your current signature differs.
• Check your ID’s expiration date. Be sure to renew if it expires.