NDSU Extension Service - Ramsey County

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Your Notice for Privacy

Your Notice for Privacy

 

          By now you have probably received a multitude of privacy notices from financial companies you do business with.  At first glance the privacy notice may look like another piece of junk mail but this type of notification is different.  Privacy notices explain:

-         What personal financial information the company collects

-         Whether the company intends to share your personal financial information with other companies

-         What you can do, if the company intends to share your personal financial information, to limit some of that sharing

-         How the company protects your personal financial information.

          It is important to read these privacy notices. They explain how the company handles and shares your personal financial information. Keep in mind that not all privacy notices are the same.

          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 like 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 do not want marketers and others to have your personal financial information, you must take some important steps.

          Federal privacy laws give you the right to stop (opt out of) some sharing of your personal financial information. These laws balance your right to privacy with financial companies’ need to provide information for normal business purposes.  If you do not opt out within a "reasonable period of time"--generally about 30 days after the company mails the notice-- then the company is free to share certain personal financial information.

          If you didn’t opt out the first time you received a privacy notice from a financial company, it’s not too late. You can always change your mind and opt out of certain information sharing. Contact your financial company and ask for instructions on how to opt out.

 

 

 

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