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The Federal Deposit
Insurance Corporation and other federal regulators require certain financial
institutions to explain to you their privacy policies when you open an account
and at least once a year thereafter.
Institutions covered
under the law include banks, insurance companies, brokerage firms and even some
retailers and auto dealers who share personal information about consumers to
whom they extend or arrange credit. You must be told:
• the kinds of
information being collected;
• how the
confidentiality and security of this information will be protected; and
• what types of
businesses may be provided this information.
If the business is
going to share the information with anyone outside its corporate family, it
must also give you the chance to “opt-out” or say “no” to
information sharing. Even if you don’t opt out, your actual account
numbers may not be shared with unaffiliated third parties for marketing
purposes.
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