Some banks describe specific ways that information sharing benefits customers. For example, certain banks explain that by knowing that a particular individual owns a home, the bank can direct the customer to a home equity loan, which has favorable tax consequences, rather than to an unsecured installment loan. Other purposes may be to reduce the burden on customers by avoiding the need to submit the same information repeatedly for different products. In some cases, information sharing may identify customers for better pricing on products or services. The letter also discusses approaches that banks have taken to present the notice to customers.
Some banks present the notice in a standalone document.
Some banks have sent separate mailings, such as postcards to their customers, while other banks have sent this notice to existing customers in their regular statements. Other banks have chosen to include this information in a document that contains additional information, such as an account agreement. At least one bank provides a telephone number its customers can call with questions about information sharing and opt-out. The letter states that for customers concerned about maintaining the privacy of their information, being offered a convenient mechanism for opting out is a value-added service. The letter notes that banks have many options to provide customers convenient opportunities to opt-out of information sharing, including providing detachable postcards.