A little privacy please

Today I learned a little about the way privacy laws work. Privacy laws, as defined by the American Banking Association (ABA), are information sharing laws banks have to adhere to. They regulate with whom and how a financial institution may share a customer’s information. It’s good to note that you have the option to opt out of sharing any nonpublic personal information with certain nonaffiliated third parties.

·         Opt Out – You can deny the bank the ability

·         Nonaffiliated third parties – any entity that is not affiliated with the financial institution

·         Nonpublic personal information – personally identifiable financial information

·         Affiliates – any company that controls, is controlled by, or under common control with your financial institution

Privacy in financial institutions is controlled by a series of laws that regulate the ways of handling a customer’s information. For more information on your privacy rights and how allowing banks to share information with affiliates might benefit you, stop by Systematic Savings bank, pour yourself a cup of our hot coffee, and let one of our associates assist you!