Federal Privacy
Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act requires financial companies to tell
you about their polices regarding the privacy of your personal financial
information. With some exceptions, the law limits the ability of
financial companies to share your personal financial information
with certain non-affiliates. A non-affiliates is a company that
is unrelated to your financial company, and may include:
- Service Providers: companies hired by your financial company
to perform a specific service, such as printing your checks
- Joint marketers: companies that have an agreement with your
financial company to offer you other financial products and services
- Other third-party non-affiliates: which could include companies
that may want access to your financial companies mailing list
to tell you about other products and services.
Under the Gramm-Leach-Bliley Act, your financial company can provide
your personal financial information to non-affiliated service providers
including join marketers. But before it shares your information
with other third-party non-affiliates (outside of these exceptions),
your financial company must tell you about its information sharing
practices and give you the opportunity to opt-out
What Opt-Out Means: If you op out, you limit the extent to which
the company can provide your personal financial information to non-affiliates.
If you do not opt out within a "reasonable period of time"
generally 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. Remember,
however, that any personal financial information that was shared
before you opted out cannot be retrieved.
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