If you don't opt out, your bank can sell information about you to any business or person, and there are few restrictions on how that information might be used. If you have questions or concerns, he says, contact you institution. They should be more than willing to explain how they use your information, how they protect that information, and the circumstances in which they share information with other businesses or people. You can also get general guidance by contacting the government agencies listed in the box below. However, if you have concerns, you can ask you bank if it will voluntarily let you see you personal records and comment on their accuracy.
Banks do let customers review their personal information under certain circumstances.
Federal regulations didn't set strict deadlines. The rules instead say that a consumer must be given a reasonable opportunity to opt out. You'll probably have about 30 days to reply to an opt-out notice delivered by mail. In limited instances, though, such as when you're using another bank's ATM machine, you may be asked to make a decision about opting out right then and there. If an institution doesn't get a response from you by its deadline, it can assume that you have decided not to opt out.