Protecting Your Privacy

Privacy Statement

 

The Directors, management and staff of Valley National Bank are concerned about and respect the privacy of your personal financial information. We realize that you expect privacy and security of your personal and financial affairs, and while information is the foundation of our ability to provide good customer service, our most important asset is your trust. Keeping your information secure, and using it only as you would want us to, is a top priority.

Valley National Bank will take the necessary steps to safeguard sensitive information you may entrust to us. The following privacy policy outlines Valley National Bank's practices regarding personally identifiable financial information for consumers and customers.

Types of Information We Collect

At Valley National Bank we collect nonpublic personal information from many sources. Nonpublic personal information does not include information available from government records, widely distributed media, or government-mandated disclosures.

We collect nonpublic personal information about you from:

  1. Applications and other information you provide to us in writing, in person, by telephone, electronically or by any other means, which may divulge assets, income, employment, debt, personally identifiable numbers and information such as name, address, phone numbers, account numbers, and age. Examples of other forms may include financial statements, tax returns, tax notices, titles, and deeds.
  2. Your transactions with us during the normal course of business or through your requests for account balance, payment histories or requests for copies of checks.
  3. Consumer reporting agencies from whom we obtain information regarding your credit worthiness or credit history.
  4. Outside sources that provide us with information used to verify your employment, employment history, loan or credit card balances or your auto or property insurance coverage.
  5. Other varied sources for purposes other than determining your eligibility for credit or other products or services you request, such as demographic information.

 

Types of Information We Disclose

At the present time, Valley National Bank does not disclose any non-public, personal information to any nonaffiliated or affiliated third party. We do, however, outsource some miscellaneous bank related services. By doing this we are able to better serve you and your financial needs. We may share information about you with companies that we contract with to provide products and services that you've requested or might need. These companies may include:

  • Check printing and loan coupon printing companies
  • Insurance companies (home, auto, credit life etc.) Note: If we receive medical or health information about a customer it will not be shared except as necessary to provide services the customer has requested or initiated.
  • Title companies or loan settlement service providers
  • Appraisers or property inspection companies
  • Vendors that provide ATM service or other computer programs that maintain your accounts. In some cases it is necessary to provide information in order to resolve issues or expand and enhance capabilities for our customers.
  • Consumer Credit Reporting agencies
  • Individual Retirement Account servicing, maintaining and reporting companies
  • Recording of deeds and mortgages in public records
  • The sale or participation of your account with another financial institution

In all of the cases stated we provide only the information that is needed to carry out and provide each function.

In some cases information sharing situations may occur without your consent when required or permitted by law or in the normal course of business. Examples may include:

  • Providing information in connection with a subpoena, levy, court order, independent audit, or examination by regulatory authorities that assess the banks compliance with industry standards.
  • As required by state and federal taxation and revenue agencies
  • A fraud investigation
  • With companies who perform transaction processing for our bank:
    • If the transaction, service, or product is requested or authorized by you
    • To maintain or service your account as part of a loan extension program
    • In connection with a securitization, secondary market sale, (including servicing rights), or similar transaction related to a consumer
  • For disclosures that are necessary to enforce our bank's legal or contractual rights or any other person's rights who is engaged in the financial transaction
  • For disclosures required in the ordinary course of banking business, such as settlement of claims or benefits, providing confirmation of information to the consumer or his agent, and to bill, process or clear items in the normal course of business
  • To provide information to insurance rate advisory organizations, guaranty funds, or agencies, agencies that are rating the bank, the bank's attorneys, accountants, auditors, and third party collection agencies
  • To the extent permissible under the Right to Financial Privacy Act
  • To a consumer reporting agency under the Fair Credit Reporting Act
  • To comply with federal, state, or local laws, rules, and other applicable legal requirement

 

Safeguarding Customer Information

At Valley National Bank we protect consumer privacy by ensuring that only employees who have a business reason for knowing information have access to it. We restrict computer access to personal and account information of our customers to those employees who need to know that information in the course of their job responsibilities and strictly limit access of changing or updating bank records to employees who are well trained in handling customer information. We also maintain internal procedures to ensure that we protect our customer's information contained on paper or in files.

We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.

All employees have a copy of this policy and are trained at least annually regarding the importance of confidentiality and safeguarding customer information. The management of Valley National Bank will take disciplinary action against any employee who violates our privacy policy and procedures.

 

Information Accuracy

Keeping your account information accurate is very important. We have internal controls that help us to keep customer information as accurate and complete as we can. We provide you with access to your account information through various means such as account statements and 24-hour Voice Access. If you ever find that any information about you or your account is not accurate, please call or write to us at the number or address listed on your bank statement and we will promptly make necessary corrections.

If we change our policy or practice, for example, adding a category of information we will disclose to a third party, we will notify existing customers and give them an appropriate time period to opt out of the disclosure.

 

FOR PURPOSES OF THIS DISCLOSURE, A CONSUMER/CUSTOMER IS ANY CURRENT, FORMER OR PROSPECTIVE CUSTOMER OF VALLEY NATIONAL BANK