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#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.

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#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?

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#168608 - 04/07/04 04:17 PM Re: Privacy and using non-customer info
Pale Rider Offline
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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.
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


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

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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.
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#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.

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