COLLECTION AND USE OF INFORMATION
The Bank collects, retains and uses information about customers only when it is useful and lawful for our standard business purposes and when we believe it is allowed by law, reasonably useful in administering our business and providing products, services and other opportunities to our customers. Our “business” referred to in the preceding sentence includes opening and maintaining accounts or providing loans. For example, we will obtain personal information about you when you apply for a loan or transaction account, and we may obtain a credit report from a third party.
MAINTENANCE OF ACCURATE INFORMATION
Keeping your account information accurate and up to date is very important to us. If you ever find that your account is incomplete, inaccurate or not current, please contact the bank by calling (507) 472-8221. We will correct any erroneous information in a timely manner.
EMPLOYEE ACCESS TO INFORMATION AND ENFORCEMENT
The Bank limits employee access to customer personal information to only those bank staff that have a business reason for knowing such information. The Bank also educates all employees about the importance of confidentiality and customer privacy.
The Bank will disclose information to third parties about your credit, your accounts and your transactions under any one of the following conditions:
1. When it is necessary for completing a transaction initiated by you.
2. In order to comply with a government agency directive, court order, or regulatory examination.
3. To verify the existence and conditions of the account or loan for a reputable information reporting agency.
4. When you give the bank permission.
5. In order to protect you, your interests, the interests of the Bank or if we suspect fraud or illegal activity.
MAINTAINING CUSTOMER PRIVACY IN BUSINESS RELATIONSHIPS WITH THIRD PARTIES
The Bank follows strict privacy procedures in regard to the protection of customer information. Except as otherwise stated in this policy, the Bank WILL NOT SELL OR SHARE customer information with third parties. In some cases it may be necessary to share information with third party business partners. This maybe necessary to provide you with requested products or services. The Bank requires all third parties with a business need to access personal information to adhere to similar and equally stringent privacy policies.
DISCLOSURE OF PRIVACY PRINCIPLES TO CUSTOMERS