How Private Is Your Financial Data?

Our bank, BankDirect, is mailing customers a 'Notice of your Financial Privacy Rights', containing the following text: 'We may disclose information about you to our affiliates. Here are the kinds of information and the source of that information: Information about your transactions and experience with us, such as: Name, address, account balances, account activity, types of accounts, transaction history, and payment history. Federal law allows us to disclose the information listed above with our affiliates. You do not have the right to opt out of the disclosure of this information...We may disclose information about you to our affiliates: 1) to provide you with information about additional products and services; and 2) to better serve you, to help us save you time and money, and to help you understand your specific needs.' Am I the only one who is bothered that my bank is ready to share my transaction history, including my salary (direct deposit) and payments to merchants (online bill pay)? More importantly, are there any banks that don't share (or sell) their customers' private information? I couldn't help but notice that BankDirect's web site has a different privacy policy, which reassuringly states 'We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you.' Hmmm..."

Comments

Are you sure???

[DiscoFreq]

That mail must be fake...
Or is the difference between the US and Europe in privacy rights THIS big?

Re:Are you sure???

[4of12]

the USA needs another political party; for 'the thinking citizen.'

I kind of agree, to some extent.

The big parties are pretty well sold out and their purchasers aren't interested in having to buy out a third major party in addition to laying out money for the big two.

Even looking at the minority parties, however, you'll find that many of them, while not yet corrupted by money, have caved into some kind of world view based on emotion or value judgements that are, from their perspective, non-negotiable.

Yes, you are the only one

[bmetzler]

If you have a problem with a bank sharing your information with others, then why not find another bank? Apparently others don't have a problem with the bank trying to serve them better.

I don't see one problem with a bank sharing information. As long as they aren't sharing pin numbers or other information that would allow someone to steal my identity, even thing is fine.

-Brent

Re:They all do it.

[rodentia]

No, I'm not a conspiracy theorist.

No, you're not. You don't have to be. You are already considered more as consumer than citizen by your own elected representatives. Your role as economic mote is far more significant than your role in civic affairs. Your congressional representatives deliver *constituent service*; it is considered enlightened thinking that you are a consumer of government services. The HDTV mandates are designed to deliver you and yours to vital industries for the advancement of national technical infrastructure. Your data, your paycheck and your mortgage: just more product. Your vote is a lifestyle choice.

Voila ici, the Market State.

And in the twisted, twenty-first century, we're grateful for it.