Missoula Federal Credit Union cares about you, your right to privacy, and the confidentiality of your personal information. We also care about your financial security. That’s why we are offering every product and service possible to help you meet your financial goals—even those that require us to partner with third parties to deliver them, such as brokerage and financial planning services, insurance services and other financial services we are not able to directly offer you. Missoula Federal Credit Union has placed the protection of your personal information as a high priority. We know you expect more from your credit union and we endeavor to meet and even exceed those expectations.
This notice describes our policies that will protect your privacy in a manner consistent with providing you with the financial products and services you need. This notice also provides you with an opportunity to inform us that you do not want us to disclose certain information about you to other parties. This is referred to as an ‘opt out’ process and is further described below in Section Seven. Throughout this notice the word ‘information’ refers to personal information about you that may not be publicly available.
We may also disclose information for certain other specific purposes and this is not described in this notice. These disclosures are permitted under the law and generally include information necessary to process transactions on your behalf, such as check printing, information that is disclosed with your consent, information requested under subpoena or other legal proceedings, or disclosures necessary to protect the security of our financial records.
1. Information that we collect about you:
As a financial institution MFCU collects and maintains information and data about you for several reasons. We have learned that the more we know about our members, the better we can understand your unique financial needs and thus provide you with appropriate products and superior service. For example, if we knew you were a homeowner in need of financing, we would recommend that you consider a home equity loan or credit line as an alternative to an installment loan because of its potential tax benefits for you. We also collect and analyze member information to spot trends or changes in the ways our members manage their finances. With this constantly updated information, we are able to create new products and services or improve existing ones to give you more effective money management tools. There are some cases where we gather information to comply with laws and regulations governing the financial industry. For example, we are required by federal regulations to obtain a tax identification number (generally a social security number) for many of our accounts, including all share, share draft or certificate accounts that pay interest. Most importantly, we use some of the data we collect to maintain the security of your account(s) and to protect the privacy of your financial information. We must be able to positively identify you and your products and services to prevent access by unauthorized individuals.
We collect information about you from the following sources:
- Membership application form(s) and other form(s) we use to open your membership share account.
- Application forms used to open other types of accounts at MFCU, such as share draft accounts and Individual Retirement Accounts.
- Application forms used to obtain loans, credit cards, checking cards, or other services from our credit union.
- Information created as a result of you being a member of our credit union. This includes the account numbers of accounts you have with us. This also includes information about transactions that have occurred on these accounts or on credit cards or other loans you have with us.
- Credit reporting agencies.
- Other sources to verify information that you provide on an application form. This may be obtained from your current or past employers, or from other institutions where you conduct financial transactions.
2. Information about you that we disclose to others:
In order to provide you with financial products and services in a cost-efficient manner, we may disclose information about you to others (described further under “Parties to whom we disclose the information). The following are the sources of this information, along with some examples of the content of the information:
- Financial information supplies on application forms, such as income and assets.
- Other identifying information about you, such as name, age, address, telephone number, social security number, and employment history.
- Other transaction information, such as account balances, deposits, withdrawals, ATM activity, payment history, and credit card usage.
- Information from credit reports, such as credit history and other indications of creditworthiness.
3. Parties to whom we disclose the information:
We may disclose information to various outside parties. Generally, we share this information in order to complete transactions on your behalf or as required by law. The following are types of businesses they parties are engaged in, along with some example of the businesses:
- Other providers of financial products and services with which we have a credit union relationship, such as those that provide mortgage, appraisal, credit card, student loan, and insurance services.
- Parties that collect information on loans, such as credit bureaus.
- Providers of item processing and statement preparation services.
- Parties that process transactions performed on your behalf, such as ATM/Checking card, VISA, and Bill Pay transactions, as well as check printing.
4. Disclosure of information to parties to make additional financial services available to our members:
Missoula Federal Credit Union strives to be your trusted source for financial services. There are, however, specific financial services we cannot directly provide you, such as brokerage, financial planning and insurance services. In an effort to make these types of opportunities available to you at reasonable rates, we have partnered with companies we trust and deem worthy of your patronage. (As described below under “How we protect your information” we have policies in place to protect the confidentiality of information that is disclosed.)
We will, from time to time, share member information with these partners to offer products and services tailored to your specific needs. They types of information we share include:
- Identifying information about you, such as name and address.
- Demographic information such as age, income, and household size.
- Product usage information such as length of membership, product mix, and product usage data.
This information helps target ‘best fit’ product offerings for your particular situation to ensure you receive appropriate information. We want to assure you that we carefully monitor and limit the use and collection of member information to only what is necessary to conduct our business, provide superior service and offer opportunities we think you might find useful. You have our promise to use your information only in accordance with the principles outlined in this policy.
5. Promotional offers that we share with you:
If we have a promotional offer or product which we think would be of interest to you, we may let you know by mail or by phone and sometimes with the help of a third party communication company. In all cases, we only work with approved vendors who meet our security and privacy concerns and who agree, in writing, to hold all member information confidential and to allow us to check their adherence to our strict standards.
Many members find these special offers helpful, as they are informative and sometimes communicate special pricing. However, if you would prefer not to receive any offers at all, you may opt out of them by following the opt out procedures described in the Opt-Out Form.
6. How we protect your information:
We also have safeguards in place to protect this information against natural disasters, hazards or threats. With regard to transactions that take place on the Internet, we have additional security devices in place to ensure the accuracy, integrity and confidentiality of the information.
We are committed to maintaining complete and accurate information about our members, and we employ reasonable measures to ensure the accuracy, timeliness and thoroughness of this information. If you think any information we have about you or your account(s) may be incorrect, please notify us immediately. We will take prompt action to make the appropriate corrections and to notify anyone with whom we may have shared inaccurate information.
7. How to opt out of certain disclosures of information about you:
You may opt out of certain disclosures of information about you that is described in this notice. These opt out rights do not apply to disclosures of information to parties that are affiliated with our credit union. The opt out rights also do not apply to disclosures of information for certain other specific purposes, such as:
- Information to process transactions on your behalf, such as check printing.
- Information that is disclosed with your consent.
- Disclosures necessary to protect the security of our financial records.
- Disclosures required by legal actions or subpoenas.
You may opt out of the disclosures described in Section Four and/or Seven at any time. If you wish to opt out, please complete the form here. Once we receive your request, we have a reasonable amount of time to stop the disclosures. You may always contact us for assistance if you wish to later revoke your opt out election.