Remember Me
forgot your password?

Internet Banking and Privacy Policies Information

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.

Terry Detty

Terry Detty finds Internet Marketing and Email Advertising his passion. In addition to marketing, he enjoys reading and occasionally goes out for a short walk.

Rate this Article: 5 / 5 stars - 1 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest ECommerce Articles
  • More from Terry Detty

Product Options in Shopping Cart Systems: What Service Providers will Render

By: Luke Wildman | 29/12/2009
Shopping cart systems should be created in such a way that your products and services will be enticing to your consumers. Look into a list of options your service providers are willing to render.

Internet calls:The latest mode of communication

By: Nisha Garg | 29/12/2009
People communicate with each other by means of telephone but these days internet phone service has replaced the old version of telephonic communication, gives a new way to keep in touch with all your loved ones.

The Pros and Cons of Drop shipping

By: Richard | 29/12/2009
Drop shipping is the term used when a distributer or your supplier takes care of the shipping to your customers for you. So rather than ordering and storing stock in bulk all the stock remains with the supplier until you place an order for the item and that item is shipped directly to your customer on your behalf and with your company details on the box.

Sending Flowers to Your loved ones in Russia

By: mani | 28/12/2009
You are able to deliver flowers anywhere in Russia online. Flower delivery is finished within a day and it is safe to order flowers online.

Why Select Magento Ecommerce Development for Your Online Shopping Cart Website?

By: Jim John | 28/12/2009
Magento Shopping Cart is the fastest growing ecommerce solution in the market with rich-features. It is an optimum enterprise shopping cart solution for any online business.

Embracing E-Commerce In Your Marketing Plan

By: Kris Ann | 27/12/2009
The pro's say that to keep your business going in this economy takes drastic moves. You have to reach farther than your local market. It is recommended that you go global to stay competitive. If you are hooked up with a worldwide market then the local economy won't be so devastating to your business.

How Do You Choose A Script?

By: James Hale | 25/12/2009
When you are building, or adding to, a website, what do you look for when you are selecting a script? Many people simply get inspired by a popular website and look for a script that performs in a similar manner. For instance, someone who would like to build a photo sharing site may use Flickr as their inspiration when searching for a script, and an individual who was looking for a microblogging platform may look for a script that follows the Twitter model. This is a logical approach, and there a

Creating Money On The Web Quickly - Simply As 1 - 2 - 3 As Long As You're Using Article Marketing

By: Dale Dupree | 24/12/2009
Building revenue on the web is as easy as 1 - 2 - 3! Really, it is not that hard to build money from article marketing if you plug in to a easy 3 step system that I will summarise for you here today. If you will follow this plan, then you too will be creating money in next to no time at all.OK, let's do it. I will assume for the sake of simplicity that you already have a little knowledge of online marketing. However, should you be totally

Polling Your Clients For Better Results

By: Terry Detty | 23/08/2009 | SEO
You may want to research and read up on the different ways that the online world and its websites use to keep in touch with their clients and fans. There are many great things that can be achieved through this.

Simple Motivation And Website Feedback Ideas

By: Terry Detty | 21/08/2009 | SEO
There are so many times that we can run up against a wall and not really know how our website is affecting the very people that we want to help out at the site. Read this article for some simple motivation and ideas.

Scrolling To The Bottom For Clarity

By: Terry Detty | 21/08/2009 | SEO
I wonder how many of you ladies and gentlemen out there have ever taken the time to notice what is at the bottom of a webpage when you’re looking for some very valuable information or just looking for a map to find your way?

Let The Sitemap Work For You

By: Terry Detty | 20/08/2009 | SEO
This article will give you much needed insight into the sitemap and where it can take you in the future if you let it and know how to use it properly.

I Hope Website Promotion Will See SiteMap Optimized

By: Terry Detty | 18/08/2009 | SEO
This article will talk about the basics of putting search engine optimization together along with the sitemap that you hopefully already have on your site.

Learning The Web Site Promotion Trade

By: Terry Detty | 12/08/2009 | SEM
If you happen to be wondering what this “web promotion” term that you see all over the place is exactly, I have one small bit of an example for you to ingest and think upon to move your life forward in a positive way.

Each Investment Has Its Own Risk Type

By: Terry Detty | 22/01/2009 | Day Trading
Scraping below the top surface of how investing works as you dig deeper can be a fun discovery for you brain to download more information.

Handle Your Investment Picks Wisely

By: Terry Detty | 12/01/2009 | Day Trading
This article speaks to the known ways of researching and deciding where you are going to be putting your investment dollars for some time to come.

Submit Your Articles Free: Signup
Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.06, 0, w3)