Private Bank Minnesota
PRIVACY POLICY NOTICE
Private Bank Minnesota (the “Bank”) was founded on the principle that protecting our clients’ privacy, along with their financial assets, is at the core of our business.
We consider all information about our clients to be confidential, including their identity as a bank client. We fully understand the sensitivity of the personal information they provide in the course of doing business with us, and we are very serious about treating such information responsibly. We take all the necessary steps to safeguard this sensitive information that has been entrusted to us.
The purpose of this notice is to help our clients understand our Privacy Policy in terms of what types of personal information we collect, how we may disclose it, and how we protect it. This Policy is applicable to current clients, consumers who may become our clients, and our former clients.
Types of Information We Collect
- We collect nonpublic personal information about our clients from the following sources:
- Information we receive on applications or other forms (e.g., name, phone number, address, income, net worth information);
- Information about transactions with us, or others (e.g., payment history, loan or deposit balances); and
- Information we receive from a third party in connection with providing financial products or services (e.g., information from a consumer credit report).
“Nonpublic personal information” is personally identifiable financial information that is not publicly available information which could lawfully be obtained from a public source (e.g., government records or widely distributed media).
Types of Information We May Disclose
Private Bank Minnesota does not now, nor does it intend in the future to disclose any personal financial information about our clients to any non-affiliated third party, except as permitted or required by law. The Bank may disclose information under any of the following conditions:
- When it is necessary to complete a transaction initiated by a client.
- When needed by companies who perform services relating to a product or service that is requested or authorized by our client (e.g., balances provided to an ATM network).
- When necessary to protect our clients, their interests, or the interests of the Bank.
- In order to comply with a government agency directive, court order, or regulatory examination.
- To provide information to a reputable consumer reporting agency under the Fair Credit Reporting Act.
- When our client gives the Bank permission.
If a current client decides to close accounts or become an inactive client, we will adhere to the same privacy policies and procedures as described in this notice.
Safeguarding Client Information
We restrict access to our clients’ personally identifiable financial information to only those employees who need to know that information in order to provide products and services. Our Chief Financial Officer has been designated as Privacy Officer and is responsible for maintaining internal procedures that ensure the confidentiality of client information. All of our employees have a copy of this policy and are trained regarding the importance of safeguarding client information. Disciplinary action will be taken against any employee who violates our privacy policy and procedures.
We also maintain physical, electronic, and procedural safeguards that comply with Federal standards to guard client information. We protect the integrity of client information through measures such as maintaining back-up copies of account data in the event of power outages or other business interruptions, using computer virus detection software, and employing other means, such as “firewalls”, to protect against unauthorized computer entry into systems containing client information.
Companies we hire to provide support services are not allowed to use client’s personal information for their own purposes a n d are contractually obligated to maintain strict confidentiality. We limit the use of client personal information to the performance of the specific service we have requested (e.g., check printing, ATM network).
We continue to evaluate our efforts to protect clients’ personal information, and we make every effort to keep it accurate and up to date. If a client identifies any inaccuracy in personal information, or a change to that information is required, we want to be contacted immediately so that we may update our records.
If, at any time in the future, it is necessary to disclose any personal information in a way that is inconsistent with this policy, we will give our clients advance notice of the proposed change and sufficient opportunity to opt out of such disclosure.
Last Updated: 08/28/2006
