Skip to content
BOL Conferences
Thread Options Tools
#168606 - 03/11/04 07:45 PM Privacy and using non-customer info
SteveG Offline
Member
Joined: Jul 2001
Posts: 58
Does anyone see an issue with financial institution A creating a marketing list that is made by extracting names and addresses of customers of financial institution B (who are not customers of A)whose checks happen to have been deposited into various customers accounts at financial institution A? Financial institution A would solicit the institution B customers by mail to consider opening an account at financial institution A. Thanks for any input.

Return to Top
General Discussion
#168607 - 04/07/04 02:35 PM Re: Privacy and using non-customer info
SteveG Offline
Member
Joined: Jul 2001
Posts: 58
Any takers who could weigh in on this question?

Return to Top
#168608 - 04/07/04 04:17 PM Re: Privacy and using non-customer info
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
I know some of our more industrious marketing folks have done this very thing, mining the checks processed through our accounts. I told the marketing folks not to let on where they got the info from, thought it could cause some image or reputation problems.
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


Return to Top
#168609 - 04/07/04 04:49 PM Re: Privacy and using non-customer info
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
I know of some examiners who really frown on this process and view it as an "end-run" around the privacy laws. I also know that some non-bank companies such as retail stores and telecommunication services do this very thing and also sell the resulting mailing lists to marketing companies.
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

Return to Top
#168610 - 04/07/04 06:49 PM Re: Privacy and using non-customer info
SteveG Offline
Member
Joined: Jul 2001
Posts: 58
Thank you all for your input.

Return to Top