For example, certain banks explain that by knowing that a particular individual owns a home, the bank can direct that consumer to a home equity loan to finance a purchase because of the favorable tax consequences, rather than an unsecured installment loan. Other purposes for information sharing may be to reduce the customer's burden in having to provide duplicative information each time the customer applies for a new product or service from an affiliated company, or to identify customers for better pricing on products or services. Banks sometimes disclose these types of specific benefits in addition to more general disclosures that sharing customers' information enables a bank to design or improve products and services, such as new types of account or investment services. These types of disclosures also provide the bank a good opportunity to promote and distinguish its customer service. There are various ways that banks make FCRA notices clear and conspicuous to customers.
Some banks provide customers with the notice in a stand alone document.
Banks must not only provide this notice to new customers, but must also provide notice to existing customers. Some banks have sent separate mailings, such as postcards, to their customers to provide the requisite notice. Other banks have chosen to include the notice in a document containing additional information, such as an account agreement. As part of its FCRA notice, one bank provides a telephone number its customers can call with questions about information sharing and opt out. Convenience of Customer Opt Out For bank customers who are concerned about maintaining the privacy of their personal information, being furnished with a convenient mechanism for opting out of affiliate information sharing is a value-added service.