@beccag wrote:
Hello, I have a question about my banking privacy rights that I have not been able to find a straight answer on. What information can a bank divulge about your account and to whom? For example, if I apply for a credit card or a loan, are those private companies able to get access to my bank account details without me giving my bank permission? It seems odd there isn't more straightforward info about what all information your bank can and cannot give away about you and your account with them.
Banks are required to give you one of those "What does XXX do with your personal information" sheets when you open an account. It's a standardized, government mandated form that at least covers the high-level details. The only area where you have any control is shown in the "Can you limit this sharing?" column, which lists the types of sharing you can opt-out of. Some FIs don't have anything you can opt out of, which contrary to what you might expect, is generally good -- it means they don't share the kind of information that can be opted out of in the first place. You typically have a 30 to 45 day grace period to opt-out, otherwise, they assume you've opted in. They don't usually make it easy to opt-out -- I never seen it as option in a web interface, for instance. IME, it's usually a phone call. But the sheet will tell you exactly how to do it in the "To limit our sharing" section.
