CANALS & TRAILS CREDIT UNION
PRIVACY POLICY
Policy Statement
It is the policy of Canals & Trails Credit Union to comply with the provisions of the Gramm-Leach-Bliley Act that outlines the privacy of members' nonpublic consumer financial information. This policy will cover disclosures, information that we collect, information that we disclose and confidentiality/security.
Disclosures
The credit union will distribute privacy policy information to our entire membership prior to June 30, 2001 as required by law. Additionally, the privacy disclosure will be distributed on an annual basis to the entire membership with by the 3rd quarter statement. This disclosure may be a special insert, or it may be part of the newsletter. When new accounts are opened, a privacy disclosure must be given. The disclosure may be dispersed in one of two ways: 1. At the time the application for membership is given to the member; 2. through the mail with our welcome packet. At the member's request, a privacy disclosure will be given at any time
Information That We Collect
We collect nonpublic financial information about you from several sources as required by law. Some of these sources include:
- Information that we receive from you on membership agreements and loan applications. Some examples of information collected include: name, address, telephone, social security number, assets, employment, incomes and debts.
- Information about your transactions with us or our business affiliates, or others. Examples include: account balance, payment history, parties to transaction, and credit/debit card usage.
- Information from consumer credit reporting agencies that disclose credit history.
Information That We Disclose
We will not disclose any nonpublic personal information about our members or former members to anyone, expect as required by law.
Disclosure as Permitted by Law
We may disclose all the information that we collect on individuals regarding loan payment history, both positive and negative, to consumer reporting agencies. We will disclose all information that we collect on individuals regarding dividend payments by us to the IRS as required by law. We will also report interest paid on real estate loans to the IRS as required by law.
Verification of Deposit and loan verifications for mortgages will only be released in writing, for a fee, with written permission from the member.
We may also disclose all the information that we collect, as described above to service providers and companies that perform services on our behalf. Such as Service Corporation, Illinois Credit Union League, NCUA, CUNA Mutual Group, and Equifax.
Confidentiality
We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products and services to individual members. We maintain physical, electronic, and procedural safeguards that comply with federal standard to guard your nonpublic information.
If any employee or associate of this credit union violates the confidentiality of nonpublic personal financial information, it is grounds for immediate dismissal.
