But in a speech last year, acting Comptroller of the Currency Julie Williams said too often the disclosures that let consumers opt out are buried or reduced to fine print. The comptroller has set up a committee to address privacy issues. There is no law that prevents a bank from disclosing your so-called transactional and experiential data. That means, for example, your account balances, maturity dates of certificates of deposit and loan payment history could be sold to a third party without your knowledge. Banks say they couldn't stay in business if they doled out confidential information.
Many banks post privacy policies on their Internet sites or in their branches.
But that's not enough for many people, especially when there are federal laws protecting the privacy of your video rentals. Sen. Paul Sarbanes, D-Md., introduced the Financial Information Privacy Act, which would require banks to tell customers what information they will share or sell, and give customers the right to say no. Wilson Blvd., Arlington, Va., 22229. Include a daytime phone number.