What does Locus Bank do with your personal information?
Why?
Financial companies choose how they share your personal information. Federal law gives consumers that obtains financial products for personal, family, or household use the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
- Social Security number and income
- Account balances and payment history
- Credit history and credit scores
How?
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Locus Bank choose to share; and whether you can limit this sharing.
| Reasons we can share your personal information | Does Locus Bank share? | Can you limit this sharing? |
| For our everyday business purposes—such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes—to offer our products and services to you | No | We do not share. |
| For joint marketing with other financial companies | No | We do not share. |
| For our affiliates’ everyday business purposes—information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes—information about your creditworthiness | No | We do not share. |
| For our affiliates to market to you | Yes | Yes |
| For nonaffiliates to market to you | No | We do not share. |
To limit our sharing
- Mail in the form below
- Email the form below
Please note:
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice.
However, you can contact us at any time to limit our sharing.
Questions?
Call 877-214-3564; or go to www.locusimpact.org
Who we are
Who is providing this notice?
Locus Bank
What we do
How does Locus Bank protect my personal information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Locus Bank collect my personal information?
We collect your personal information, for example, when you
- Open an account
- Conduct transactions on your account such a deposit or transfer
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?
Federal law gives you the right to limit only
- Sharing for affiliates’ everyday business purposes – information about your creditworthiness
- Affiliates from using your information to market to you
- Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. See below for more information on your rights under state law.
What happens when I limit sharing for an account I hold jointly with someone else?
Your choices will apply to everyone on your account – unless you tell us otherwise.
Definitions
Affiliates
Companies related by common ownership or control. They can be financial and nonfinancial companies.
- Locus
- Locus Impact Fund
- Locus Capital, Inc.
Nonaffiliates
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
- Locus Bank does not share your information with non-affiliate companies so they can market to you.
Joint marketing
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
- Locus Bank does not engage in joint marketing.
Other important information
Locus Bank is chartered, licensed or registered under the laws of State of Virginia and is subject to regulatory oversight by the Federal Reserve Board. Any consumer wishing to file a complaint against Locus Bank should contact the Federal Reserve though one of the following means: By U.S. Mail: P.O. Box 1200, Minneapolis, MN 55480; Telephone 1-888-851-1920(Toll Free) or 1-877-766-8533 (TTY); or Email: consumerhelp@federalreserve.gov.
Your rights under Title VI and Section 504 requirements
In accordance with federal law and U.S. Department of the Treasury policy, this institution is prohibited from discriminating based on race, color, national origin, sex, age, or disability. Submit a complaint of discrimination, by mail to U.S. Department of the Treasury, Office of Civil Rights and Equal Employment Opportunity, 1500 Pennsylvania Ave. N.W., Washington, D.C. 20220, (202) 622-1160 (phone), (202) 622-0367 (fax), or email crcomplaints@treasury.gov.
Locus is committed to serving individuals with Limited English Proficiency (LEP) and will take reasonable steps to ensure meaningful access to all financial products, services, and programs. Read our statement on the Language Assistance Plan for Locus Impact Fund and Locus Bank here.
Internet Safety Tips
A little bit of vigilance goes a long way when it comes to protecting your identity online. Adding an extra layer of security can be as simple as keeping an eye on your accounts, looking out for suspicious activity, and shredding sensitive documents. Some data breaches are out of our control, like when retailers or other companies get hacked. We must trust certain entities to handle personal data, but we encourage people to do all they can to protect their private information.
Complete privacy is difficult in the digital age, so users must be cautious and wary. Take these precautions to make sure identity thieves do not steal your personal information.
Monitor Your Credit Reports
Keeping an eye on your credit is an important way to make sure no one is trying to mess with your personal financial information. If you want to see who is making inquiries about you credit, you can request a free credit report from any of the three national credit reporting companies:
We recommend reviewing your credit reports occasionally to make sure there is no suspicious activity, and everything appears as expected.
If you want an extra layer of protection, a credit freeze is an effective line of defense against fraud and identity theft. As of September 2018, there is no cost, so learn how to freeze your credit for free.
Be On the Lookout For Unusual Statements Or Bills
Pay attention to statements, receipts, and bills. If you are signed up for electronic bills or statements, it is easy for them to get lost in your email inbox. Regularly looking at statements will help you notice if there is suspicious activity happening in any of your accounts. If you become a target for fraud, you will want to catch it as soon as possible and contact your bank for help.
Shred Documents Containing Financial Or Personal Information
Do not throw sensitive documents in the trash! Use a paper shredder or shredding service to dispose of anything with your full name, phone number, address, social security number, bank account information or other private personal details. Consider shredding documents such as:
- ATM Receipts
- Bank and Credit Card Statements
- Paid Bills and Invoices
- Pay Stubs
- Credit Offers
Use Caution While Traveling
You are more vulnerable to certain types of fraud and identity theft while traveling. If you want to protect your identity online while traveling, take extra precautions. Let your bank know where you’re going and how long you’ll be gone and ask the post office to hold your mail. If any bills are due while you are gone, see if you can plan payments before you leave.
While you are on your trip, observe extra safety measures to protect your personal items and information.
- If you need to pay a bill online while you’re away, make sure you’re connected to a secure Wi-Fi network.
- Ask your hotel if your room has a safe and use the safe to protect valuables and extra cash when you’re not in your room.
- Exercise caution when using your debit card to pay local vendors and retailers; when in doubt, pay with cash.
- Carry copies of important travel documents, and make sure to store them separately from the original versions. It is also a good idea to have a digital copy of your passport stored online, just in case.