Privacy is an important issue in today's society. How can you control the release of your personal information?
One way is to pay attention to privacy notices that appear in your credit card statements, bank statements, utility bills, insurance invoices, and brokerage firm statements. They usually look like pamphlets and have a title such as "Our Privacy Notice." These notices include information about a company's privacy policy and a privacy choice form.
Why are you getting them? The Gramm-Leach-Bliley Act (15 U.S.C. sections 6801-6810) requires your financial institution to tell you three things: the kinds of information it collects about you and how it uses that information; its policies for preventing fraudulent access to your confidential information; and your ability to prevent the sale of your personal information to third parties.
The burden is on YOU to fill out the privacy notice form. If you do not want the financial institution to sell your name to a third party, you must say "no" to the privacy choices. Be sure to include any account numbers you have that are affiliated with the company. Only the numbers you indicate on the form will be limited against disclosures of personal information to other parties.
Once you return your privacy choice form, this policy should be good for four to five years. However, if you change your address or account number, you must again complete the form to opt out.
Remember, the best defense for controlling your privacy rights is to closely monitor who and where you give your personal information. Prevent fraudulent or unauthorized activity on your accounts by treating your private information with care and controlling how some else releases your information. It's your right to fill out privacy notices and opt out.
Iowa State University Extension has a variety of financial management resources available. For more information, contact the Polk County Extension Office at (515) 263-2660.