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Wednesday, August 24, 2016

Bank Privacy in the Social Media Age

Have you ever read the annual bank privacy notices that you receive in the mail? If not, it may be a good time to do so.  The FDIC has a website filled with information regarding how banks may protect or utilize your personal financial information for purposes other than account maintenance.

I recently updated some of my privacy choices for one of the banks I do business with and found it to be more cumbersome than anticipated.  I initially tried to make the appropriate updates online but the process was not consumer friendly so I contacted my bank.  The choices I made to help better protect my privacy and reputation included: Do not call with bank offers; Do not email with bank offers; Do not send me offers in the mail from the bank; and Do not share my personal financial information with bank affiliates or third parties.

I can't recall the last time this bank sent me an offer that was worth taking advantage of and I have never received an offer from one of this bank's affiliates or a third party that does business with the bank that was worth accepting.  In general, I have found these marketing offers to be worthless and a waste of my time.

The stronger your privacy choices are the less likely you will become a target of a scam. Protecting your privacy will help better protect your personal and professional reputation.    

Copyright 2016 by Bradley S. Shear, Esq. All rights reserved.