Protecting your privacy is important to The Bank. As financial service professionals entrusted with sensitive financial information, The Bank respects your privacy and is committed to treating customer information responsibly. In order to provide our customers with a broad range of financial products and services as effectively and conveniently as possible, we use technology to manage and maintain customer information. We want you to understand what information we collect and how we use it.
This CUSTOMER INFORMATION PRIVACY POLICY, approved by our Board of Directors, sets forth The Bank of Milan's goal to serve the financial needs of our customers while ensuring compliance with Federal and State banking laws and regulations. This POLICY serves as the standard for The Bank's personnel as we manage and maintain individual customer information.
CATEGORIES OF INFORMATION COLLECTED
"Nonpublic personal information" is non public information about you that The Bank may obtain in connection with providing a financial product or service to you. For example, nonpublic personal information includes information regarding your account balance, payment history and overdraft history.
The Bank may collect nonpublic personal information about you from the following sources:
- Information that we receive from you on applications and other loan and deposit account forms;
- Information about your transactions with us or third party verification systems; and
- Information that we receive from consumer reporting agencies such as a credit bureau.
CATEGORIES OF INFORMATION THAT MAY BE DISCLOSED
In general, it is The Bank's policy not to reveal specific information about customer accounts or other personally identifiable information about customers or their accounts to unaffiliated third parties for third party independent use; however, the following information may be disclosed:
- The Bank may exchange information with reputable information reporting agencies to maximize the accuracy and security of such information or in the performance of bona fide corporate due diligence or other business matter.
- The Bank may disclose information as required or permitted by law (i.e., subpoena, investigation of fraudulent activity, child support enforcement, etc.)
- The Bank may disclose the following information about our customers to companies that perform marketing services on The Bank's behalf or to other financial institutions with whom we have joint marketing agreements:
- Information we receive from you on applications or other forms, such as your name, address, social security number, assets and income; and
- Information about your transactions with us, such as your account balance, payment history, parties to transactions and other account usage.
CONFIDENTIALITY AND SECURITY
The Bank of Milan is committed to the security of your financial and personal information. All of our operational and data processing systems are in a secure environment that protects your account information from being accessed by third parties. Within our internal security standards, we maintain physical, electronic and procedural safeguards that comply with state and federal standards to guard your financial and personal information.
The Bank shall insist that any third party receiving customer information (as described above in CATEGORIES OF INFORMATION THAT MAY BE DISCLOSED) adhere to privacy principles that provide for keeping such information confidential.
Bank employee access to personally identifiable, nonpublic customer information is restricted to those employees with a business reason to know such information. Employees are educated on the importance of maintaining the confidentiality of customer information and these privacy principles. Because of the importance of these issues, each employee of The Bank is charged with the responsibility for maintaining the confidentiality of customer information. Management shall take appropriate disciplinary measures to enforce employee responsibilities with regard to customer privacy.
Inactive or Closed Accounts.
Protecting your privacy is important to us. Information relative to any inactive or closed account(s) with us will continue to be safeguarded in the manner afforded by the policies and practices described above.
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