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Privacy Disclosure Statement
| FACTS |
WHAT DOES Grand Marais State Bank
DO WITH YOUR PERSONAL INFORMATION? |
| Why? |
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? |
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
- Social Security number and Driver's License Number
- Account Balances and Payment History
- Credit History and Income
When you are no longer our customer, we continue to share your information as described in this notice |
| How? |
All financial companies need to share customer's personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customer's personal information; the reasons Grand Marais State Bank chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information |
Does share? |
Can you limit this sharing? |
For our everyday business purposes -
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
YES |
NO |
For our marketing purposes -
to offer our products and services to you |
YES |
NO |
| For joint marketing with other financial companies |
NO |
NO |
For our affiliates' everyday business purposes -
information about your transactions and experiences |
NO |
NO |
| For non affiliates to market to you |
NO |
NO |
| Who we are |
| Who is providing this notice? |
Grand Marais State Bank |
| What we do |
| How does Grand Marais State Bank protect my personal information? |
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does Grand Marais State Bank collect my personal information? |
We collect your personal information, for example, when you
- Open an Account or Apply for a Loan
- Deposit Money or Cash a Check
- Purchase a Ban Product
We also collect your personal information from others, such as credit bureaus. |
| Why can't I limit all sharing? |
Federal law gives you the right to limit only
- sharing for affiliates' everyday business purposes -- information about your creditworthiness
- affiliates from using your information to market to you
- sharing for non affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
| Definitions |
| Affiliates |
Companies related by common ownership or control. they can be financial and non financial companies
- Grand Marais State Bank does not share with our affiliates.
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| Non affiliates |
Companies not related by common ownership or control. They can be financial and non financial companies
- Grand Marais State Bank does not share with non affiliates so they can market to you.
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| Joint marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
- Grand Marais State Bank does not share with non affiliates so they can market to you.
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Customer Identification Requirements
In accordance
with Section
326 of the USA PATRIOT ACT signed October 26, 2001, Grand
Marais State Bank is required to obtain, verify and record
information used in identifying our new account customers
and in identifying signatory individuals added to an existing
or new account. In
some cases, identification will be requested for those individuals
banking with the Bank prior to the effective date of the customer
identification requirements because original documentation was
not obtained with the opening of the account, or the Bank is
unable to form a reasonable belief that it knows the true identity
of the existing customer. In all cases the protection
of our customer's
identity and confidentiality is the Bank's pledge to you.
Member FDIC |
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a “non interest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “non interest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts or money-market deposit accounts. Interest on Lawyers Trust Accounts (“IOLTAs”) are the exception. These accounts have unlimited deposit insurance until December 31, 2012.
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An Equal Housing Lender
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