Why is a privacy disclosure mailed to members?
The privacy of members' information is business as usual for BCU. However, a new Federal regulation requires all "financial" institutions to provide notices to their members concerning the privacy of non-public consumer information. If members have accounts at insurance companies, brokerage houses, or banks, they will be receiving similar notices from them as well. BCU has chosen to send out this communication sooner rather than later, because our policy has always been to protect the privacy of member information.
Does BCU or any of its business partners sell BCU member information to other companies for the purpose of solicitation?
No. BCU's policy has always been to protect the privacy of member information and our policy did not require any changes with the new regulation. Member information is only shared with business partners for the purpose of processing or servicing transactions, to protect against fraud, or to comply with applicable laws.
Why may BCU disclose the information it collects to companies that perform marketing services on our behalf?
Because BCU relies on outside print services to facilitate our member communications, we must provide these vendors with our member addresses. However, these print vendors or other marketing services we use are bound by contract to use member information only for the purpose of BCU business.
Why may BCU provide members' information to other financial institutions with which we have joint marketing agreements?
These business partners are necessary to provide services to BCU that we are not able to provide ourselves. MEMBERS Financial Services, Travelers Insurance, Stewarts Insurance, and CURewards are examples. These business partners are bound by contract to use member information only for the purpose of BCU business.
Can members choose not to have their information disclosed for purposes described in the Privacy notice?
No. There are some information-sharing arrangements that are critical in order for BCU to provide its core services. According to the guidelines of the regulation, our disclosure of certain types of member information is allowed for the purpose of processing and servicing transactions; to protect against fraud; or to comply with applicable laws.