The USA Patriot Act
Federal law requires we obtain, verify and record information that identifies each customer who opens an account.
How does this affect you? For new personal banking customers, we will ask to see your driver's license or other identifying documents. We will request your legal name, date of birth, physical address and tax identification number for each customer on the account.
Safeguarding your information is a top concern, and we will respect and protect it as always. Thank you for your understanding and cooperation.
Equal Credit Opportunity Statement
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to enter into a binding contract); or because all or part of the Applicant’s income derives from any public assistance program; or because the Applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that oversees 1st Source Bank’s compliance with this law is: Federal Reserve Bank Consumer Help, PO Box 1200, Minneapolis, MN 55480. Phone: (888) 851-1920.
Personal Information Authorization
You, individually and on behalf of all co-applicants and guarantors for whom you have authority to act, authorize 1st Source Bank to obtain a consumer credit report and otherwise verify, in any manner it deems appropriate, employment history and income, bank accounts, payment histories, and income tax returns. This authorization remains in effect now and during the life of your relationship with 1st Source Bank. A copy of this authorization may serve as the original and be used as a duplicate original.
Information Required
1st Source Bank will require information from Applicant that 1st Source Bank regularly obtains and considers in evaluating credit applications for the purpose and amount of the credit requested. The Bank may require a Personal Financial Statement.
Notice of Credit Decision
1st Source Bank will notify Applicant of the credit decision within 30 days of receipt of a completed credit application. If the application is declined, Applicant has the right to request in writing that 1st Source Bank provide an adverse action notice with the specific reasons for the credit decision. This written request must be made within 60 days of the date you are notified of the credit decision. Requests should be sent to the Business Loan Operations Manager at 1st Source Bank, 100 North Michigan Street, SBMO-3, South Bend, IN 46601.
Appraisal Notification for 1st Lien Residential Dwelling Used As Collateral
For a residential dwelling, we may order an appraisal to determine the property’s value and charge you for this appraisal. We will promptly give you a copy of any residential appraisal, even if your loan does not close. You can pay for an additional appraisal for your own use at your own cost.
Business-Purpose Loan
You agree that all loan proceeds will be used for a business purpose.
Joint Credit Statement
You certify that you have the authority to apply jointly on behalf of any individual/entity identified in this application as a joint applicant and that all joint applicants are aware of this application.
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