USA PATRIOT Act and OFAC Notice
MagnetBank Customer Identification Program Notice
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal law requires us to obtain, verify, and record information that identifies each person who opens a new account (deposit or loan).
When you open a new account with MagnetBank, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
If you have any questions that are not answered in this section, please contact us at 877.748.8273.
Changes
We may add to, delete from, or otherwise change the terms of our privacy policies and procedures from time to time. We may notify you of the changes by mail, e-mail, or by posting a modified Policy on our website. Your continued use of this site or any online service following such notification will constitute your acceptance of the revised Policy. Accordingly, please check this site regularly for revisions.
MagnetBank Customer Financial Information Privacy Notice
As a valued customer, we want to assure you that the confidentiality of your personal information is a priority for us.
To help you understand how the security and integrity of your personal financial information is protected, we are providing you with this notice which describes our practices and policies as they concern the privacy of consumer and customer nonpublic personal information.
We will continue to adhere to the policies and practices outlined in this notice even if you terminate your customer relationship with us or become an inactive customer.
INFORMATION WE COLLECT
We may collect nonpublic personal information about you from the following sources:
- Information we receive from you on applications or other forms, such as your name, address, accounts with others, assets, and income
- Information about your transactions or experience with us or others
- Information from a consumer reporting agency regarding your credit history or employment status
HOW WE MAY USE THE INFORMATION WE COLLECT
We may disclose the information we collect to nonaffiliated third parties that are acting on our behalf, including:
- Companies that provide service for our customer accounts
- Companies that help us market our products and services to you.
We may also disclose the information we collect about you as permitted by law, including:
- In response to a subpoenaor court order
- In response to an inquiry from a government agency
- To comply with legal requirements.
We will not share or sell your personal information to outside parties that may wish to market their products or services to you.
HOW WE PROTECT YOUR INFORMATION
MagnetBank maintains physical, electronic, and procedural safeguards that comply with federal regulations to guard consumer and customer nonpublic personal information. We have established and maintain procedures and policies that restrict access to nonpublic personal information about you to only those employees who have a need to know that information in order to provide products or services to you.
The policies and practices described in this disclosure are subject to change; however, we will communicate any significant changes to you as required by law. The policies and practices provided in this notice replace all previous notices regarding this subject.
If you visit our website to read or download information, we collect data to measure the number of visitors to the different pages and sections which may be used to help us make the site more useful to visitors.
If you visit our website to use interactive banking tools such as financial calculators and self-tests, you may be asked for personal information in order to complete the requested analysis or evaluation. This information is NOT retained.
If you identify yourself by sending an e-mail or filling out forms, such as applications, contact forms and guest registers, you may be asked for personal identification information in order to process your e-mail, form, or application. MagnetBank or our business partners may retain this information. Information you submit to us is treated no differently than any information you might provide in a written format, such as a brochure, application, or a letter.
Children's Online Privacy
Our website is directed to a general audience. We do not knowingly solicit or collect personal information from children on our site.
We Want To Be Very Clear
We protect and safeguard the privacy of users of visitors to our website, just as we do throughout the rest of our business. We will use personal information to identify you, to communicate with you, and to help us answer your questions.
We will NOT sell personally identifying information to a third party for the purpose of solicitation or provide personal information to a third party for its own use.
Sometimes we send our customers information about our products and services. If you do not wish to receive this information, or if you believe that your personal information is incorrect, please contact us. We will investigate the situation and, if appropriate, update our records.
If you have any questions that are not answered in this section, please contact us at 877.748.8273.
