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First State Bank
of East Detroit has only one affiliate, First State Bank Mortgage Company,
LLC (the two entities will be referred to collectively as “First State”).
We have a long history of meeting the needs of our customers and providing
high levels of service. We respect the privacy of our customers and
are committed to treating customer information responsibly. This Privacy
Statement (“Statement”) applies to current and former customers, and to
consumers. It is intended to comply with the requirements of Title V of
the Gramm-Leach-Bliley Act, as well as applicable privacy regulations.
Definitions
Consumer
means any individual who is seeking to obtain a financial product or service
from a financial institution for personal, family, or household purposes.
The definition of consumer includes individuals who:
·
Apply for a financial product
or service (e.g. a loan or deposit account) for personal, family, or household
purposes; and
·
Actually obtain a financial
product or service (e.g. a loan or a deposit account) for personal, family,
or household purposes.
Customer
means a consumer with whom
a financial institution has a continuing relationship. Consumers who
have a deposit account, obtain a loan, or obtain an investment advisory
service are considered customers.
Nonpublic
personal information means
personally identifiable information provided by a consumer to a financial
institution collected in connection with providing or obtaining a financial
product or service. This information does not include publicly available
information.
Affiliate
means any company that controls,
is controlled by, or is under common control with another company.
Nonaffiliate
third party means any entity
that is not an affiliate of, or related by common ownership or affiliated
by corporate control with, the financial institution, but does not include
a joint employee of such institution.
Privacy Statement
Distribution
First State recognizes
and respects the privacy expectations of our customers. We want our
customers to understand our commitment to the security of their nonpublic
personal information as well as the use of customer information. For
this reason, First State developed this Statement, which describes the sources
of nonpublic personal information we collect on our customers, our information
sharing practices and the measures we take to protect and secure that information.
This Statement is made readily available to all customers and is provided
at the beginning of their relationship with First State. In addition,
we will mail a copy of this Statement (which will include any amendments
or modifications) to all of our customers on an annual basis.
Collection,
Use and Sharing
First State collects,
retains and uses public and nonpublic information about customers when required
by statute or regulation in order to identify you and protect your accounts
from unauthorized access or identity theft, to service your accounts and
process your service requests, and where we reasonably believe that it will
help administer business or provide products, services and other opportunities
to you.
Nonpublic
information is collected from:
·
Information received from
you when opening an account;
·
Information we receive from
you on applications and other documents including identifying information
such as name, address, telephone number, e-mail address and social security
number and credit related information such as your assets, income and liabilities;
·
Transactions with us or with
others such as payment history, account balances and usage; and
·
Information from consumer
reporting agencies such as your credit worthiness and credit history or
real estate appraisals.
First State
may share customer information to:
·
Protect and administer your
records, accounts and funds;
·
Provide information to assist
us in processing applications or managing your accounts;
·
Help us design or improve
our products and services;
·
Understand your financial
needs so that we can provide quality products and superior service;
·
Send brochures and/or literature
to you regarding new or upcoming products and services offered by First
State in an effort to offer you the array of financial products and services
needed to meet your financial goals;
·
Comply with certain laws
and regulations (such as a subpoena, summons, garnishment, levy or other
court order); and/or
·
Identify and mitigate potential
risks or losses.
First
State does not reveal specific information about customer accounts or other
personally identifiable data to other parties unless:
·
You request or authorize
it;
·
The information is provided
to help complete a transaction initiated by you;
·
It is permitted pursuant
to statute, such as the Fair Credit Reporting Act; and/or
·
The disclosure is lawfully
permitted or required.
Sharing with
Nonaffiliate Third Parties
First State does
not share our former or current customers’ nonpublic information with nonaffiliated
third parties except in those situations listed above.
Sharing
with our Affiliates
First State may
share the information it collects about present and former customers with
its affiliates as required or permitted by law. This information sharing
is limited. Shared information may include identifying information, and
this information is only used as a normal part of conducting company business.
Accuracy
and Maintenance
We continually
strive to maintain complete and accurate information about our customers
and their accounts. If you become aware that our records are inaccurate,
please help us correct them by contacting our Customer Service Department
at (866) 372-1275 or visiting one of our branch offices.
Securing
Information
We understand and
recognize that information is vital in providing quality service to our
customers. We also realize that our customers’ trust must be maintained
by protecting that information from improper disclosure. This is one of
our fundamental responsibilities. For this reason, operational and
data processing systems are in a secure environment that protects our customer
account information. First State maintains and grants access to customer
nonpublic information only in accordance with its internal security standards.
We are continuously reviewing our physical, electronic, and procedural safeguards
to ensure compliance with federal and state standards to protect your nonpublic
information.
Employee
Access & Training
First State employees
are prohibited from disclosing to any unauthorized person any information
contained in our records. Employee access to customer information is restricted
to those employees with a business reason to access such information.
Employees are trained on the importance of maintaining the confidentiality
of customer information and First State’s privacy practices on an on-going
basis.
Service
Provider Arrangements
Due diligence is
exercised in selecting outside service providers. Appropriate measures
are defined in service contracts which detail operative controls to avoid
the unauthorized release of customer information. All service providers
are required to treat and maintain the privacy of customer information to
at least the same extent and with the same degree of diligence and careful
attention that is required of First State.
Additional
Information
We may report information
about your account to credit bureaus. Late payments, missed payments,
or other defaults on your account may be reflected in your credit report.
Customers
who have questions about the treatment of their nonpublic personal information
should contact First State’s Compliance Officer at (866) 372-1275.
This Privacy Statement
applies to individuals and covers information obtained in connection with
consumer transactions. First State’s Privacy Statement is reviewed
periodically as may be required by applicable laws or regulations.
First State reserves the right to change or revise this Statement at any
time.
Rev. Dec. 2007 |
