Internet Banking and Privacy Policies



Privacy policy legislation affects internet banking just as it does any other type of banking establishment. You might want to keep your personal information private. If so, it is good to know how your bank treats privacy policy.

A study was done to determine how well different banks, including internet banking companies, dealt with privacy policy. All financial institutions should have privacy policies that are consumer friendly. This is in keeping with the spirit of the law.

The law in question is the Gramm-Leach-Blily Act, or GLB, as it is often called. This was enacted by Congress in July of 2001. It gives power to financial institutions to conduct business in many important ways.

More importantly to consumers, there is a section devoted to the privacy of banking customers, including internet banking customers. Banks must provide consumers with a copy of their privacy policy. This explains how your personal information will be used by internet banking operations and other banks.

Your personal information would include any information that can be identified as your particular information. It could be your name, address, social security number, internet banking transactions you have made in your name, and other information. It could also be any information that can be guessed by having some of this information.

The study evaluated bricks and mortar banks, clicks to bricks banks, virtual bank internet banking operations, and other financial institutions. It compared each company's privacy policy, how they informed consumers about their privacy policy, and what options consumers had with them to "opt-out."

If you opt-out, you are saying to the company that you do not want your information to be shared with other companies that are not affiliated with the bank. Under GLB, internet banking services still have the option of sharing your information with affiliates and marketing partners, but they should inform you that they are doing so.

One problem has been that the privacy policy statements sent out to consumers by internet banking companies and other banks have been impossible for most people to decipher. They are not exactly an easy read. There is a movement to make them easier to understand.

Another problem is that some internet banking companies have made it very difficult to opt-out of having their information shared with unrelated businesses. It should be the easiest with online banking. Indeed some internet banking companies have online forms to fill out so that you can be finished with it in short order.

However, some internet banking sites make it nearly impossible to opt-out. They make you go to an 800 number, or write for a mail-in form, or they may not have opt-out at all. These are in the minority, but you should watch for them when comparing online banks.

The good news is that virtual internet banking companies that offered standard banking services like checking and savings accounts scored the best in the study. If you want to keep your information private, check out your internet banking institution's privacy policy before you sign up.







Menu


My Articles

Books On Internet Banking
Internet Banking And Investing
Getting Loans Through Internet Banking
How To Deal With Cash When Using Internet Banking
Problems With Internet Banking
How To Increase Your Internet Banking Security
Internet Banking And Privacy Policies
What Is Internet Banking?
How To Keep Your Internet Banking Account In The Black
Getting Insurance Through Internet Banking Institutions
Transferring Funds Through Internet Banking
Internet Banking With Virtual Banks
Internet Banking Savings Accounts
How To Prevent Internet Banking Fraud
Internet Banking Research
Why Some People Fear Internet Banking
How To Start Using Internet Banking
How Internet Banking Institutions Are Set Up
Using Quicken For Internet Banking
Your Consumer Rights In Internet Banking
How To Pay Bills Through Internet Banking Services
Security Measures Taken By Internet Banking Companies
How To Confirm An Internet Banking Company Is Legitimate
Internet Banking With Virtual Safe Deposit Boxes








My Articles


Internet Banking Research Much research was done on internet banking even before it..


Problems With Internet Banking Most people who have accounts with traditional banks do some internet..


Books On Internet Banking There are many intellectual books on internet banking. There seem to be..



Related Videos:

Related News:

 
No item elements found in rss feed.