Bank Privacy Policies
Bank privacy policies are often shrouded in the fine print, yet provide consumers with guidelines on how their personal data will be used. By guarding personal information, consumers can decrease the likelihood of identity theft. Banks often add personal records to a database - a database which can be shared with other bank branches, marketing campaigns or related third parties. Understanding how your bank may use your address, birthday, or social security number can help you take the necessary steps to protect your privacy.
Here are some of the policies regarding the privacy of personal information for three of the largest banks in the United States.
Bank of America's Privacy Policy
Bank of America’s privacy policy indicates that they do not sell information to marketers outside of Bank of America’s companies; however, Bank of America may provide this information to their own companies. Customers have the option of restricting the access to information about their applications among affiliated Bank of America companies. They may also opt not to receive direct marketing offers from the bank or its affiliates. However, this is not done automatically and customers need to inform the bank of their desires by calling their toll-free number, contacting them online, or speaking in person to a representative at one of their branches.
Personal Information at Chase Bank
Chase Bank has information regarding their customers’ incomes, credit histories, and transactions, which they share both with other affiliated companies and with other non-affiliated companies. According to their website, this includes not only companies that provide financial services but also retailers, car makers, marketers, and others. Customers may tell Chase not to share their information with third parties, non-affiliated financial service providers, and within service providers that are in the Chase family, but Chase reserves the right to continue to share information about their customers as the law requires or allows. To inform Chase of their preferences, customers can contact the bank by writing to them, calling their toll-free number, or sending them in online.
Privacy Practices at Wells Fargo
Wells Fargo does not share their customers’ personal information with third-party companies that are trying to market their products. However, the bank may share information with other parties for business purposes, including those companies that assist Wells Fargo with their own customer marketing efforts, and with those who do other business with Wells Fargo, including technical and other kinds of support services. Government agents and auditors also may gain access to customers’ personal information as allowed by law. They also share information within their own family of companies.
Protecting Your Information
Chances are your bank has an "opt-out" option for consumers who don't wish to receive marketing materials, even from within their bank. Ask to be removed from any mailing lists, and don't be afraid to press for details on how your personal information is used and stored. While banks typically have a bank risk management department to monitor breaches of data protection, it's better to be safe than sorry. If the bank claims they only use your data "internally", remember this can stretch across different lines of business - mortgage, brokerage, etc. Preserve the confidential nature of identifying information and ask that your information not be shared with outside banking groups.