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FREQUENTLY ASKED PRIVACY QUESTIONS

What kind of information do you collect?
How do you obtain the information?
Who has access to customer information?
Why do you need this information?
What do I do if I see any inaccurate information in my statements?
Are there any regulations on disclosure of account information?
What companies make up your “family of companies?”
Why do you share information within your family of companies?
Do you share information with outside (third-party) companies?
What kind of information do you share with third-party companies?
Will the third parties keep my information confidential?

Q. What kind of information do you collect?

A. The kind of information we collect depends upon your financial needs and products and services you need. For example, when you apply for a loan with us, we need information about your financial status – such as your current address, phone number, place of employment, income, monthly expenses, personal assets and debts outstanding – in order to process your request. If you wish to open an account with us we need some of the prior information in order to understand the type of account activities which would be normal on your account. We might also ask for a password such as “your mother’s maiden name” in order to make certain that a person requesting information on your account is really you.

In addition, in order to make your banking as convenient and efficient as possible, we maintain information about your transactions with us, such as your account balances, and repayment history.

Q. How do you obtain the information?

A. We collect information from many sources. Much of our information comes directly from you when you fill out a loan or account application. For a loan application, we obtain information from credit bureaus and other creditors regarding your credit and repayment history. We retain communications from you (such as letters or emails) in order to handle questions you may have and to keep records of your requests or concerns regarding our products and services. We also use your letters or emails to measure how effectively we have addressed your concerns. If you use our online banking service, we record your online sessions so that we can process and confirm your transactions and provide you with automatic online reports. We also obtain demographic and household information from outside sources such as database information firms.

Q. Who has access to customer information?

A. We have strict internal policies against unauthorized use or disclosure of customer information. Customer information is available only to employees who need it to conduct your financial affairs. We emphasize the importance of confidentiality through our code of conduct, employee training, operating procedures and privacy policy. We require the businesses with which we have a relationship to maintain the confidentiality of consumer information.

Q. Why do you need this information?

A. We maintain information and data about you to maintain the security of your accounts and to protect you and the entire institution against fraud. We need clear and accurate information to be able to positively identify you and authenticate your transaction in order to prevent access to your accounts by unauthorized individuals.

We also collect and analyze customer information as the first step in developing new products. For example, if we know you are a homeowner planning some home improvements, we can recommend a home equity line or loan as an alternative to an installment loan because of its potentially lower cost and tax benefits. We are also required by laws and regulations to gather certain information. For example, we are required by federal regulation to obtain a tax identification number for many accounts in order to report interest earned.

Q. What do I do if I see any inaccurate information in my statements?

A. We work hard to assure that your information is current, accurate, and as complete as possible. If you see any inaccuracy in your statements or in any other communications from us, please call Baylake Bank Deposit Processing at 1-800-267-3610 or (920) 743-5551. It is our policy to investigate and correct inaccuracies in a timely manner and in accordance with regulatory requirements.

Q. Are there any regulations on disclosure of account information?

A. Yes. Under current law, we are allowed to share certain information – such as your name, address and information about your accounts – among our family of companies. In some cases, such as a fraud investigation or in response to a validly issued search warrant or subpoena, we may be required by law to provide certain information to law enforcement agencies. There are also laws and regulations that affect the sharing of information with firms outside our family of companies (such as check printers, credit bureaus and data processors).

Q. What companies make up your “family of companies?”

A. Our family, or affiliates, includes our bank, Baylake Insurance, and United Financial Services (Our data processing center). We also have a relationship and share investment employees with Vision Investments co-branded as Baylake Investments.

Q. Why do you share information within your family of companies?

A. At the present time, we do not share information with affiliates. If we do, it will be in order to make your financial dealings with us more efficient and easier to manage. For example, if you have an auto loan with us and you want insurance coverage on the auto, we might share the information with Baylake Insurance in order for the policy to be written.

Q. Do you share information with outside (third-party) companies?

A. We currently use third parties only to help us process your financial transactions and to provide you with a full range of financial products and services. For example, we use third parties to print your checks. When you apply for a loan, we use credit bureau services to process your approval.

Q. What kind of information do you share with third-party companies?

A. The information shared depends on the product or service we are providing you. We may share your name, address, social security number, and loan history. We will not share your name, account number or access codes with any third party for purposes of marketing their products or services to you.

Q. Will the third parties keep my information confidential?

A. We will not share customer information with any company that does not agree to keep your information confidential. We carefully select the third-party companies we work with. Any information that is shared is always subject to a strict confidentiality agreement. Moreover, it is a violation of federal law for a third party to reuse customer information received from us unless that information is also publicly available elsewhere.