Without the option

Banks, insurance companies and others by now should have sent out their cumulative billions of notices giving consumers the chance to keep their private financial information private, or at least as private as a financial conglomerate allowed to share information within its corporation is required. But for those who didn’t understand or understood too late that those privacy notices from the bank weren’t offers of toasters with each new checking account, there is a final chance, in the parlance of privacy, to “opt out.”

Opting out means that you do not want your financial information shared. Financial institutions had until July 1 to alert you to this option, but many offered opt-out statements so larded with abstruse language and lengthy discussions of benefits for not opting out, that few people responded to the notices. For those who wish to, opting out is simple, according to the Web site privacyrightsnow.com. To do so, write to the “opt-out” department of each of your financial institutions, giving them your name, the name on the account you wish to remain private and the account number.

Tell them (politely – after all, financial institutions are people, too) that you are opting out under the Financial Services Modernization Act and the Fair Credit Reporting Act, that they do not have your permission to share your information with nonaffiliated third parties and, further, that they are not to disclose any information about you in connection with marketing agreements between them and any other company. Add that they also are not to share information about your transactions or creditworthiness with affiliates, either. Conclude that you expect notification in writing that they have received your letter and will follow your instructions. Thank them sincerely.

Banks have spent a lot of time and even more money getting those opt-out notices worded just right and so have razor-sharp arguments for the benefits you accrue for allowing them to share your personal information. They would no doubt be happy to summarize them for you. Or, like many people, you might simply decide that privacy these days is more theoretical than actual and figure that some bank sharing how much you have in your savings account with some marketer is the least of your worries.