Do banks have to keep information of clients confidential?
2006-10-17 01:13:05 · 2 answers · asked by COINNEED 1 in Business & Finance ➔ Other - Business & Finance
US banks are subject to federal regulation regarding what information they are allowed to disclose to third parties.
However, law enforcement and other governmental agencies are able to obtain whatever information they might need from banks regarding bank customers.
Every bank has a privacy policy, which they must make available to customers. The customers may choose to limit the ability of the bank to use their private information for marketing or similar purposes. When you visit your bank, ask for their privacy policy. It will tell you what their general policy is regarding such matters, and explain how you may withhold permission for them to disclose personal information about you.
Best of success.
2006-10-17 06:24:47 · answer #1 · answered by Thinker 5 · 0⤊ 0⤋
Check out the Gramm Leach Bliley Act, and the below description from the Federal Trade Commission.
2006-10-19 12:31:42 · answer #2 · answered by TM Guy - ooTMoo.com 2 · 0⤊ 0⤋