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#176186 - 04/02/04 01:44 PM Please help answer privacy question
Anonymous
Unregistered

Here's my situation. My bank (as well as many banks) have partnered with UVEST to offer investment products (bonds, stocks, annuities, etc.) at the bank. The bank hired a licensed rep. with UVEST who calls on bank customers and other individuals and businesses. The rep. works out of a bank office and also travels to various branch banks when discussing products with bank employees or meeting with customers. Can I share a listing of bank customers with balances over $X or maturing CDs with the licensed rep.? Our privacy policy has opt-out and says we may disclose info. to companies that perform marketing services on our behalf or to other institutions with whom we have joint marketing contracts. Thanks

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General Discussion
#176187 - 04/02/04 02:01 PM Re: Please help answer privacy question
Anonymous
Unregistered

Roger, I would say you are okay as long as you have a defined procedure ensuring that those custoemrs on your opt-out list don;t get shared with your 3rd party investment arm.

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#176188 - 04/02/04 02:19 PM Re: Please help answer privacy question
Anonymous
Unregistered

Would there have to be a joint marketing agreement between bank and UVEST in the above case or would it be exempt under service provider??

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#176189 - 04/05/04 12:54 PM Re: Please help answer privacy question
hobot Offline
Gold Star
hobot
Joined: Dec 2002
Posts: 437
Your contract with the rep/Uvest should determine whether the relationship provides for a joint marketing exemption. IMO, you would probably not qualify for a service provider exemption -- it is really a third party relationship, not an outsourcing. But, without knowing more, it is possible to have a service provider situation too.

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#176190 - 04/06/04 09:01 PM Re: Please help answer privacy question
GenerousLife Offline
Diamond Poster
Joined: Feb 2002
Posts: 1,466
USA
My situation is just the opposite. We have employees who provide financial (investment) services. Our Privacy Policy states that we do NOT share information with third parties. We are now contracting with an independent person to provide financial (investment) services at one of our branches.

Under our present Privacy Policy, we cannot share with the new guy. If we want to, we will have to notify all of our customers AND get set up for tracking opt-outs.

Right?
_________________________
"No problem can withstand the assault of sustained thinking." ~ Voltaire
"Sustained thinking gives me a headache." ~Me

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#176191 - 04/07/04 12:58 PM Re: Please help answer privacy question
Anonymous
Unregistered

Ok kids, we've got to go back to the basics with this one. To Roger, I would ask, "Is the Investment Rep. ALSO AN EMPLOYEE OF THE BANK?(dual employee). Your answer will make a Huge difference in what you are allowed to share. Because if he/she is a dual employee you can share transational experience (CD maturitites, balances, etc.) WITHOUT ANY KIND of OPT-OUT.

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#176192 - 06/08/04 04:12 PM Re: Please help answer privacy question
Anonymous
Unregistered

Last Anon -
Quote:

Because if he/she is a dual employee you can share transational experience (CD maturitites, balances, etc.) WITHOUT ANY KIND of OPT-OUT.



Is that based on FCRA which allows sharing of transactional and experiential information with affiliates (if your GLB notice says you do this)? Uvest will not be an affiliate so that exception would not seem to apply.
To me it seems you can share all information with the dual employee, they just can't pass it on unless it is to carry out a customer requested transaction. Once the dual employee has the information they would establish the bank customer as a new customer of Uvest and then the information is being given directly from the customer.

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