Dear Norwalk Hospital Credit Union Member or Account holder: The National Credit Union Association is requiring that all credit unions provide a “privacy notice’ to their members and account holders by July 2001. Banks are also being required to do this. The reason for this is the recently passed federal legislation called the Financial Services Modernization Act (Gramm-Leach-Bliley). This act allows financial institutions to affiliate with each other and exchange information. Please read the following notice. Please also be assured that the Norwalk Hospital Credit Union has no intention of changing the way it conducts business. We have no intention or expectations of sharing your personal information any more than we ever have over the past 25 years. We will continue to make you aware of products and services in the same manner that we have always done, whether they originate with the credit union or with a third party. If you have any questions please contact the Credit Union.
The Norwalk Hospital Credit Union, Inc, is owned by its members and run by a board of directors that you elect. You can be confident that your financial privacy is a top priority of this credit union. We are required by law to give you this privacy notice to explain how we collect, use, and safeguard your personal financial information. If you have any questions, please contact a member services representative at 203 852 2790 or toll free at 800 616 3327.
We are committed to providing you with competitive products and services to meet your financial needs, which necessitates that we share information about you to complete transactions and to provide you with certain financial opportunities. In order to do so, we have entered into agreements with other companies that provide either services to us or additional financial products for you to consider. If you prefer that we not disclose information about you to certain businesses, you may “opt out” of these disclosures, that is, you may direct us not to disclose information about you, as explained in this notice. This “opt out” will not apply to information that we may disclose about you as permitted or required by law. These disclosures typically include information to process transactions on your behalf, conduct the operations of your credit union, follow your instructions as you authorize, or protect the security of our financial records.
And we may also disclose all the information we collect, as described below, to companies that perform marketing or other services on our behalf or to other financial institutions with whom we have joint marketing agreements.
To protect our member’s privacy, we only work with companies that agree to maintain strong confidentiality protections and limit the use of the information we provide. We do not permit these companies to sell or share the information we provide to them.
Information We Collect About You
We collect nonpublic personal information about you from the following sources:
- Membership/Account forms and loan applications that you fill out
- Transactions that you perform with us and others (e.g. drafts(checks) that you write, and electronic transactions that you initiate such as payroll deposits, ATM usage, electronic payments, etc.)
- Consumer reporting agencies (e.g. credit history reports)
- Sources contacted during verification of information provided by you on applications, etc.(e.g. employment history, credit and financial history, etc.)
The above sources result from your desire to use a service or product.
Information That We are Allowed to Disclose About You
We may disclose the following kinds of nonpublic personal financial information about you:
- Information we receive from you on applications and other forms, such as your name, address, social security number, and income. (e.g. for loan processing, government reporting)
- Information about your transactions with us or other companies that work closely with us to provide you with financial products and services such as account balances, payment history, and card usage. (our data processor who creates your statements and tax forms)
- Information we receive from a consumer reporting agency, such as your creditworthiness and credit history. (e.g. loan applications you submit)
Certain parties that receive information from us where you can request to opt out.
We are allowed to disclose nonpublic information about you to the following types of third parties:
- Financial service providers, such as companies providing insurance
- Non-financial companies, such as automobile dealerships, and travel agencies
- Other companies that provide consumer discount programs and services.
We only do this to provide our membership with access to products that we believe are valuable. Our policy limits the nonpublic information about you to name and address.
How to Opt Out or Stop Certain Disclosures About You
If you prefer that we do not disclose nonpublic personal information (name and address) about you to such non-affiliated third parties as described above, you may opt out of those disclosures. If you wish to direct us not to make disclosures to nonaffiliated third parties other than those permitted by law, you should complete the attached form and return it to the Credit Union. This is further explained in the attached “Opt Out Notice”. You may opt out of these disclosures at any time. This opt out option, by law, will not apply to disclosures that we make to companies that perform services on our behalf or to other financial institutions that have joint marketing agreements with us. Once we receive your request not to make further disclosures, we will act as quickly as possible to stop disclosures. You may always contact us for assistance if you wish later to revoke your opt out election.
Note: To joint account holders who are non-members: Anyone of you may exercise the right to opt out, even if you are not actually a member of the credit union. We will treat an apt out \request from any one party to an account as if all of the parties have directed us not to make disclosures to nonaffiliated third parties to which the opt out right applies.
If you terminate your membership, we will not share information we have collected about you except as permitted or required by law.
How We Protect Your Information
We restrict access to nonpublic personal information about you to those employees of the credit union who have a specific business purpose in utilizing your data. Our employees are trained in the importance of maintaining confidentiality and member privacy. We maintain physical, electronic, and procedural safeguards that comply with federal regulations and leading industry practices to safeguard your nonpublic personal information. Each year, every employee and volunteer of the credit union signs an oath to respect your privacy.
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OPT OUT RESPONSE FORM
The Norwalk Hospital Credit Union, Inc is required to give you the right to “opt out” of information sharing with certain businesses, other than permitted by law. This means that you may direct us not to disclose information about you that we collect, such as name and address, with businesses involved in travel services, automobile sales, insurance, and consumer discounts. I am exercising my opt out option as permitted by law. Name_____________________________________________________________________
Note: Any one listed on the account may elect to opt out jon the account on behalf of all account holders
Account Number(s)_________________________________________________________ Your Signature_____________________________________________________________ Date_________________________