Today’s the deadline for all financial institutions in Iowa to inform their customers about privacy policies. Iowa Bankers Association President John Sorenson says all banks are required to send out the advisories under new federal legislation.The Graham-Leach-Bliley Act was co-sponsored by Iowa Congressman Jim Leach of Davenport, who had been chairman of the House Banking Committee. Sorenson says banks are required to tell customers exactly how any private information is being used.A survey of Iowa banks found 86-percent of them do -not- share information with third parties. Sorenson says some banks -do- share our personal account information with businesses like credit bureaus, insurance companies, investment firms and check vendors.He says customers are being informed of their bank’s privacy policies so they can “opt out” and -not- have personal information shared.
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