Banks and thrifts are not alone when it comes to requirements to maintain security for customer information.
FACTA contains requirements that are similar to the electronic security rules for credit cards and ATMs.
Question: I know this question has come up before, but I need to see the answer in print.
When a customer deposits a check into his/her account, our tellers are instructed to write the customer's account number on the back of the check. We had a customer who was concerned about the person who had written him that check having access to his account number if he received the cancelled check back. Is it a violation of customer privacy laws to write their account number on the back of checks they deposit?
I manage a Collections Call Center and have always been trained that is 'against regulation' to disclose account numbers over the telephone. I work in close proximity with our marketing department and hear them reveal account numbers to our customers all the time. Is there truly a regulation that governs the disclosure of account numbers over the phone, or is this a discretionary practice?
FTC has issued final rules to modify the telemarketing rule. The new version contains some changes and also sets out the rules for the national "do not call" registry.
FinCEN and the financial regulatory agencies have finally proposed a rule under the USA PATRIOT Act to implement customer identification procedures. This isn't a surprise.
I received the ABA Bank Compliance magazine with an article about releasing account numbers. It stated "in a joint interpretive letter, the agencies reiterated that the GLB prohibits financial institutions from disclosing unencryptedcustomer account numbers to a nonaffiliated party, even with the customer's consent". How does this affect completing credit requests from mortgage companies, bankruptcy proof of claims and such?
I have heard that requiring a customer to write their account number on the back of a check that they are depositing to their acct may be in violation of RTFP because the check will end up in the statement of the individual who issued the check. Can you please shed light on this issue. This practice has been our standard policy for years.
Question: What should we do if we believe that the bank has received a phone call that is an attempt to obtain information about a customer?