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.
