Any company or organization that offers financial products or services to consumers should provide them with an annual privacy notice. Financial institutions include organizations such as:
- Credit Card Issuers
- Mortgage Brokers
- Debt Collectors
- Collection Agencies
- Payday Loan Companies,
- Insurance Companies
These are a few types of businesses which provide financial products or services to consumers.
Is it important to get a privacy notice for each of my accounts?
In most cases, if a consumer has multiple accounts with a single merchant they will not get a privacy notice for every single account. They should receive a notice of the privacy statement of the company. It is possible that a consumer could receive a policy notice that is used by multiple companies which would all be listed as covered by the policy notice.
Can consumers assess privacy policies before doing business with a financial institution?
A customer relationship indicates a relationship between the financial institution and a consumer that is continuing. This does not include consumers who just perform a single transaction with an institution like making a single ATM deposit or withdrawal. A consumer only gets a notice if their information is disclosed to nonaffiliated third parties. A customer has a relationship with the institution and has a right to know how their information will be shared. They will typically only receive the required annual notice unless the institution makes changes to its privacy policies.