Important information on loss of privacy on your bank account.
Because of the importance of this information, and
because of the time-sensitive nature of this information, I
have removed the copyright for this issue. Forward it to
anyone you think will be affected -- which means just about
everyone you know!
YOU JUST LOST YOUR BANKING PRIVACY. NOW GET IT BACK.
On July 1, a new law went into effect, the Financial
Modernization Act. It allows banks and all other U.S.
financial institutions to share information with each other
regarding their clients, i.e., us. They will be able to
sell this information -- a multi-billion dollar use of our
personal data. Some modernization!
If you do nothing, you lose your privacy. It's
already gone. The question is, will you take specific
steps to get it back?
Here are the grim details. Click through:
www.privacyrights.org/fs/fs24-finpriv.htm
At the end of the document, there are e-mail links for
letters of protest. I suggest that you send a couple of
protests, as a matter of principle.
Your financial institution is supposed to send
notification to you before they start selling your
information. The letter will likely be written in
lawyerese -- unreadable, innocuous looking. Here is what
to look for:
www.privacyrights.org/fs/fs24a-optout.htm
On June 21, ABC News did a report on this new law, and
on what a few bank account holders are doing to opt out of
the system.
http://www.abcnews.go.com/sections/wnt/DailyNews/privacy_notices_010621.html
There is a way for you to keep your bank from doing
this with your records, but it is not automatic. You can
write a letter to your financial institutions denying them
the right to share or sell your personal financial
information without your permission. It's an opt-out
system.
I don't think many people will opt out. First, they
have to know about the law. They don't. Second, they must
care enough to defend their privacy. I don't think they
care. Third, they must know what to say in their letters.
Fourth, they must take action immediately. People tend to
procrastinate.
I recommend the following as a sample opt-out letter.
I got it from this Web page:
www.privacyrightnow.com/optout_form_letter.htm
---------- Letter Begins ----------
TO [COMPANY NAME]:
Street :
Address :
City:
State and Zip Code:
ATTN: "OPT OUT" Department
MY FULL NAME IS:
FULL STREET ADDRESS
CITY
STATE AND ZIP CODE
RE: These accounts. I am listing my name, the name of my
account, and my account numbers here:
________________________________________________________
________________________________________________________
________________________________________________________
1. I am asserting my rights under the Financial Services
Modernization Act and the Fair Credit Reporting Act to "opt
out" of the following two uses of my personal information:
a. You do not have permission to disclose personally
identifiable information with your non-affiliated
third-party companies or individuals.
b. You do not have permission to disclose my
creditworthiness to any affiliate.
2. I am further instructing you:
a. Do not disclose any of my transaction and
experience information to any affiliate of yours.
b. Do not disclose any information about me in
connection with marketing agreements between you and
any other company.
3. Please respond to me in writing stating that you
will comply with these instructions. If I have not
received a letter within thirty days specifically
denying my instructions, I will assume your records
have been noted to comply with this letter.
I am mailing this in a sealed envelope, and I am NOT
including my social security number. I believe my name and
account number identify me sufficiently.
SIGNATURE AND DATE:
---------- Letter Ends ----------
* * * * * * * * *
MAIL THIS LETTER IN A SEALED ENVELOPE TO EACH
COMPANY.
Use only your return address (not your social security
number or account number) on the return envelope.
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