Privacy FAQ ( Frequently Asked Questions )
- What are 'financial privacy' laws and regulations?
- Why is information needed?
- What is 'personal non-public information'?
- What type of personal information is collected about me?
- Can I have my name removed from lists created by agencies or companies that are in the business of compiling lists for purchase?
1. What are financial privacy laws and regulations?
'Financial privacy' laws and regulations include federal and state laws which are designed to protect certain personal and financial information which you provide to your bank, other financial institutions or a company which provides financial services. These laws limit the circumstances under which the financial institution or service provider may share information you provide and require that the institution provide you with a written disclosure of its policies. Some of the laws which govern your privacy include: Title V of the Gramm-Leach-Bliley Act; the Fair Credit Reporting Act; the Electronic Funds Transfer Act, the Federal and California Right To Financial Privacy Act and the Children's Online Privacy Protection Act.
2. Why is information needed?
One of the many reasons we retain information about you is to maintain the security of your accounts, and to protect you and our institution against fraud. Clear and accurate information is needed to enable us to positively identify you and validate your transactions to prevent unauthorized access to your accounts. We retain information the information we receive from you in communications (such as letters or E-mails) in order to respond to your questions and keep records of your requests and concerns. We also use your information to develop new products and services and to inform you about financial services that may interest you.
We are also required by laws and regulation to gather certain information, such as tax identification numbers (social security numbers, employee identification numbers), for many accounts.
3. What is 'personal non-public information'?
'Personal non-public information' is any information which you provide to the Bank which is not part of a record which is generally available to the public. This information will usually include: (1) your name, social security number, date of birth and mother's maiden name; (2) certain financial information, transactional information with your Bank, and information related to your credit history. In some instances, information will be 'personal and non-public' to one individual but not to another, e.g. if your telephone number is listed in the telephone directory it is 'public' information, however, if you have a non-listed telephone number then it is 'non-public' information. Likewise, if you own your own home, your property address is 'public information' as it is recorded in the records of the County Recorder's Officer, however, if you rent, your address is 'non-public.
4. What type of personal information is collected about me?
The information collected about you or your business includes: (1) identification information such as your name, address, social security number, date of birth, mother's maiden name, etc.; (2) transaction information such as account numbers and the manner in which you have handled past and present deposit and loan accounts (credit history); and (3) financial information such as your assets, liabilities.
5. Can I have my name removed from lists created by agencies or companies that are in the business of compiling lists for purchase?
You can have your name removed from some of the lists compiled by agencies or companies in the business of assembling and selling these lists by sending a written request to the following organizations:
Mail Preference Service
c/o Direct Marketing Association
P. O. Box 9008
Farmingdale, NY 11735-9008
Telephone Preference Service
c/o Direct Marketing Association
P.O. Box 9014
Farmingdale, NY 11735-9014
You must include your name, address and social security number. These organizations are responsible for notifying the agencies and companies that are in the business of compiling lists that you wish to have your name removed. You must send a separate written notice to each agency.
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