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Privacy

Under what circumstances do you provide information about me to non-affiliated third parties?

We take your privacy seriously and are committed to protecting it. However, it is occasionally necessary to provide some of your information to non-affiliated third parties. We are required, for example, to share information about your and your products and services with us with parties named in a lawsuit or administrative action when we are served with a subpoena or court order. We are also required to share this information with federal or state regulatory authorities, such as banking examiners or the Internal Revenue Service, as authorized by federal or state law. Consistent with the practice of banks and financial service companies, we also share certain information about you and your products and services with us with reputable credit reporting agencies as authorized by federal law.

We sometimes contract with non-affiliated third parties to perform services on our behalf, such as check printing, processing data,or making certain information a matter of public record (recording mortgages, title insurers, etc.).

From time to time, we may contract with non-affiliated third parties to offer you certain financial products. Under these programs, a limited amount of information about you or your account may be provided to a third party under a joint marketing agreement requiring the third party to keep the information confidential and not use it for any other purpose.

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Why do you collect information about me?

The information we collect about you helps in our ability to understand your financial needs and enables us to provide you with the products and services that best suit your individual needs. We also gather this information to help us to protect you. We need to be able to identify you and your products and services in order to aid in the prevention of unauthorized access to your information and accounts. We also gather information to comply with laws and regulations that govern the financial services industry. For example, the federal regulations require that we obtain a Social Security number or tax identification number for many types of accounts, such as bank deposit accounts.

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Can I opt-out of sharing with non-affiliates?

No. All of the circumstances under which we share information with non-affiliated third parties are permitted by law You do not need to nor are you able to restrict this sharing of information.

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Can I opt-out of sharing with affiliates?

No. The Fair Credit Reporting Act and certain other laws permit us to share the following types of information with our affiliates: identification information about you; information about your transactions with any of our affiliated companies; and information about the experiences of any of our affiliated companies with you. However information that is categorized as "personal credit information" is not shared with our affiliates. You do not need to take any action to limit sharing of this information as we already prohibit the sharing of this personal credit information among our affiliated companies. Personal credit information is information that bears on your creditworthiness, personal characteristics, mode of living or the like.

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Can you give me some examples of information that can be shared with your affiliated companies?

We can share identification information about you, such as your name, address and social security number. In most cases, we can also share information about your transactions or experiences with any of our affiliated companies, such as your loan repayment or checking account history, as permitted under the Fair Credit Reporting Act.

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Do you sell my information to any outside company?

No. At no time will we sell your information to an outside company.
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What information do credit bureaus have about me and how can I make sure it is correct?

Your credit report includes personal and financial information such as your account balances and account payment history for credit cards, mortgages, or other consumer loans. By law, an individual's credit report can be given to insurance companies, banks and others when needed to transact business with you.

It is a good idea to check your report periodically to see that the information is accurate and up to date. You should also check to see whether any additional accounts were opened without your consent or whether unauthorized charges were billed to your accounts. To request copies of your credit reports, call:

Experian (888) 397-3742 www.experian.com
Equifax (800) 685-1111 www.equifax.com
Trans Union (800) 916-8800 www.tuc.com

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If you decide at a later date to sell customer information or share additional information, would I be notified?

If Alerus changes its privacy policy, we are required by law to notify the customer. If the policy change would allow us to share information outside of the exceptions which are permitted by law, we would then need to provide the customer with the opportunity to opt-out of that sharing (this would include if we were to decide to sell any type of list - which we won't do!)

 

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