KTCCU's Handling of Personal Information: An Overview
Introduction
Financial institutions have the discretion to determine how they share customers' personal information. Under federal law, individuals possess the capacity to curtail certain aspects of information sharing. Moreover, it is mandated by federal law for us to outline our practices of collecting, sharing, and safeguarding personal information. This notification is intended to provide you with a comprehensive understanding of our procedures.
Scope of Information Collection and Sharing
The nature of personal information that we accumulate and disseminate hinges upon the specific product or service engaged with us. The categories of data encompass:
- Social Security numbers and account balances
- Details regarding checking accounts and credit history
- Records of overdrafts and payment history
- Should you no longer retain membership, the sharing of your data persists, as delineated in this notice.
Methodology of Information Exchange
Routine operational processes necessitate the sharing of members' personal information by financial institutions. The ensuing section enumerates the grounds on which financial entities may partake in sharing personal data, the inclinations of Kansas Teachers Community Credit Union (KTCCU) in this context, and the feasibility of limiting such sharing.
How does KTCCU share your information?
Basis for Sharing |
KTCCU's Approach |
Limitation Option |
Routine operational functions, e.g., account processing and maintenance, credit bureau reporting |
Sharing is conducted |
Sharing cannot be limited |
Marketing initiatives to extend our product and service offerings |
Sharing is conducted |
Sharing cannot be limited |
Collaborative marketing with other financial entities |
Sharing is conducted |
Sharing cannot be limited |
Sharing of transactional and experiential data for our affiliates' operational necessities |
Sharing is abstained |
No sharing |
Sharing of creditworthiness-related information for affiliates' operational requisites |
Sharing is abstained |
No sharing |
Sharing of data with affiliates for marketing purposes |
Sharing is abstained |
No sharing |
Sharing of data with non-affiliates for marketing purposes |
Sharing is abstained |
No sharing |
Security Measures and Information Protection
To thwart unauthorized access and misuse of personal data, we adhere to federal regulations and employ an array of security measures. This includes the utilization of computer safeguards as well as securing physical files and premises.
Collection Mechanisms of Personal Information
We amass personal information through various channels, exemplified by:
- Account initiation or insurance application
- Presentation of government-issued identification or disclosure of income particulars
- Submission of employment-related data Additionally, external sources such as credit bureaus, affiliates, and other entities contribute to our information reservoir
Limitations on Information Sharing and Applicability
Federal statutes grant individuals the ability to curtail specific aspects of information sharing:
- Information pertaining to creditworthiness, for affiliates' operational use
- Usage of data by affiliates for marketing endeavors
- Sharing of data with non-affiliates for marketing intentions Furthermore, it is plausible that state-level laws and individual corporations extend supplementary rights to restrict sharing.
Terminology Clarification
Affiliates
Entities that share a nexus of ownership or control, encompassing both financial and nonfinancial entities. KTCCU does not maintain affiliate
Non-affiliates
Entities lacking interconnected ownership or control, encompassing both financial and nonfinancial entities. The roster of non-affiliates includes insurance companies, credit/debit card processors, financial statement publishers or printers, mortgage, service companies, consumer reporting agencies, data processors, and check/share draft printers.
Joint Marketing
A formal collaboration among non-affiliated financial entities to jointly promote financial products or services. Our joint marketing allies encompass:
- TruStage
- Affinion Group
- Elan Financial Services
Inquiries
Should any queries arise, please direct your communication to 620-231-5719 or access further information via www.kstcu.org.