Privacy notices explain what personal financial information a company collects; whether the company intends to share your personal financial information with other companies; what you can do to limit some of that sharing; and how the company protects your personal financial information.
Companies involved in financial activities that must send their customers privacy notices include:
- banks, savings and loans, and credit unions
- insurance companies
- securities and commodities brokerage firms
- retailers that issue their own credit cards (like department stores or gas stations)
- mortgage brokers; automobile dealerships that extend or arrange financing or leasing
- check cashers and payday lenders
- financial advisors and credit counseling services
- companies that sell money orders or travelers checks
Financial companies share information for many reasons: to offer you more services, to introduce new products, and to profit from the information they have about you. If you want to know about other products and services, you may want your financial company to share your personal financial information; in this case, you don’t need to respond to the privacy notice. If you prefer to limit the promotions you receive — or you don’t want marketers and others to have your personal financial information — you must take some important steps.
The bottom line is that it’s important to read these privacy notices. They explain how a company handles and shares your personal financial information. Not all privacy notices are the same.
Questions about your consumer rights? Contact us here or call Tariq Law Firm at 718-674-1245.