How Banks Share Your Data

Bankers share your personal information — it’s a fact of life; Federal law allows them to do so.

A while back I received a message saying just that from Valley National Bank of Wayne, N.J.

The notice (which the bank is required to disclose) describes what the financial services company does and does not do with my social security number; account balances; transaction history; income information; asset transactions; and account transactions.

Reasons we can share your personal information Does ValleyNationalBank Share? Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No
For our marketing purposes – to offer our products and services to you Yes No
For joint marketing with other financial companies Yes No
For our affiliates’ everyday business purposes – information about your transactions and experiences Yes No
For our affiliates’ everyday business purposes – information about your creditworthiness Yes Yes
For our affiliates to market to you Yes Yes
For non affiliates to market to you No We don’t share

The community bank has a middle of the road asset class (roughly $16 billion); Other banks, no doubt, have similar practices if not the exact same.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s