Saturday, September 29, 2012

Make sure banks don't share your personal information!

You know those "small print" notices you get from your bank that describe changes to your credit card or bank account rules?  Don't just stuff them in a file or the circular file cabinet.  In particular, the Prvacy Notification I received recently from Chase shows that Chase will share information about our interests, what we spend our money on, and other (personal) information.  They will mine this information and share it within their conglomorate, as well as with other financial companies.  We don't have any control!  We do have control over sharing this information with "affiliates," whomever they are.  The notification should give both a web site and a phone number to contact in order to limit "affiliate" sharing.   For example, Chase's phone number is 888.868.8618, or the web address is http://www.chase.com.  When I went to the Chase site and clicked on the Privacy link, I got this:

You can click on the picture to see a larger version.  Note that they actually give more options than described in the Notification.  I checked all 3.  

I wonder if we should push for South Carolina to limit this information so we opt in instead of out plus perhaps other limitations.  What do you think?

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