Opting Out of Information Sharing
Federal regulations allow financial institutions, insurance companies, and brokerage firms to share much of your personal information with third parties IF they first
- have explained their privacy policies to you and
- have given you an opportunity to opt-out of this information sharing.
They must tell you their privacy policies when they begin a relationship with you and remind you of their policies once each year.
How to opt out to protect yourself
If you want to opt out of having a company share your information, you must follow the company's policy. Different companies have different ways to opt out of information sharing. Some may offer a toll free number, others an unsubscribe link on the company website, while others might require you to fill out a form and return the form to a specific address.
Below is an outline of a letter you can use to opt out of information sharing with the other financial institutions, insurance companies, and brokerage firms you deal with.
Mail your letter in a sealed envelope to each company. Use only your return address (not your Social Security number or account number) on the return envelope.
For more information, see "Privacy Choices for Your Personal Financial Information" on the Federal Trade Commission website.