Protecting the privacy and confidentiality of your personal information is important to us. Because we know how much you value your privacy, Beneficial Bank wants to inform you that our information sharing practices with our Beneficial affiliates have changed.
At Beneficial Bank and our subsidiaries (Beneficial Insurance Services, LLC and Beneficial Advisors, LLC), protecting the privacy and confidentiality of your personal information is important to us. Our customers have a right to expect that information they entrust to us will be treated with appropriate discretion and confidentiality. Beneficial Bank is committed to maintaining your privacy and safeguarding your account, transactions and personal information.
When used in this Privacy Statement, the words “we” “our” and “us” refer to Beneficial Bank, Beneficial Insurance Services, LLC and Beneficial Advisors, LLC, and the terms “you” and “your” refer to our customers and former customers.
Definition Of Terms Used With Regard To Your Privacy
For the purposes of this statement, the following definitions apply:
- “Nonpublic personal information” means information about you, which is not available from public sources, obtained in connection with providing you with a financial product or service. For example, nonpublic personal information includes information regarding your account balance, payment history and deposit account activity. It also includes your social security number, account number, date of birth, and other information associated with you in particular through one or more identifiers.
- An “affiliate” is a company we own or control, a company that owns or controls us, or a company controlled by the same company that owns or controls us. Owning does not mean complete ownership, but means owning enough to have control.
- A “nonaffiliated third party” is a person we do not employ or a company that is not affiliated with us, also known as a non-affiliated third party, or simply, an “other party.”
- “Opt-out” means a choice you can make to prevent sharing of certain information.
Information We Collect
As a trusted financial services company, we collect, retain, and use nonpublic personal information about individual customers in order to provide products and services to our customers. We collect nonpublic personal information about you from the following sources:
- Information we receive from you on applications and other forms
- Information about your transactions with us, our affiliates, or others
- Information we receive from a consumer reporting agency
The Confidentiality, Security, And Integrity Of Your Nonpublic Information
We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
Information We Disclose
We may disclose the following kinds of nonpublic personal information about you:
- Information we receive from you on applications or other forms, such as your name, address, social security number, date of birth, employment, income, assets, liabilities and net worth;
- Information about your transactions with us, our affiliates, or others, such as your account balance, payment history, parties to transactions, transaction volumes, insurance transactions and credit card usage; and
- Information we receive from a consumer reporting agency, such as your creditworthiness and credit history.
Information We Disclose To Our Affiliates
We may disclose to our affiliates any information concerning our transactions and experiences with you without restriction. In addition, we may disclose other information about you, such as information set forth on your consumer report subject to your right to opt-out of such information sharing.
If you prefer we not share your consumer report information with our affiliates, please review the information in the section “You Have The Right To Choose” at the end of this statement.
Types of Affiliates
We may disclose nonpublic personal information about you to our affiliates:
- Beneficial Bank
- Beneficial Insurance Services, LLC
- Beneficial Advisors, LLC
Reasons for Disclosure
Here is why we may disclose nonpublic personal information about you to our affiliates:
- To provide our customers with information about additional products and services available.
- To evaluate our total relationship with you and our affiliates to ensure we are providing maximum value to you.
- The information is necessary to effect, administer, or enforce a transaction requested by a customer.
Information We Disclose To Nonaffiliated Third Parties
We will not disclose nonpublic personal information about you to any nonaffiliated third parties except as disclosed in this policy or as permitted by law – to service your account, offer products and services you may find valuable, report to credit bureaus, manage risk, assess compliance and perform other financial services related activities.
Service Providers / Joint Marketing Partners
We may disclose all of the information we collect, as described above, to companies that perform services on our behalf or to other financial institutions with whom we have joint marketing agreements, in order to provide account services and to offer products and services you may find valuable.
Nonpublic Personal Information And Former Customers
We do not disclose nonpublic personal information about former customers, except as permitted by law.
Your Privacy Online – For Internet Users
The digital age has made online banking an everyday reality. Our commitment to safeguard your privacy extends to the Internet. Here is some information regarding our online process.
Information we collect:
- If you complete an online application, you’ll need to provide identification so we can process your request and correspond with you.
- If you bank online and want to access your account, you’ll need to provide us with information requested so we can verify your identity.
- If you allow us to send you email messages, we will retain the information you provide us in order to deliver emails of specific interest to you. If you choose to send an email to Beneficial Bank, we may retain the contents of your email message, your email address, and our subsequent reply.
Beneficial Bank may store the information collected during your visit on an electronic database. Beneficial Bank uses security measures to protect against loss, misuse and alteration of data stored in our systems.
Third Party Websites
Protect your Identity
- Protect and properly dispose of your account records and other documents containing personal or financial information.
- Do not disclose your Debit / Credit card number or account information to suspicious calls, emails or voice mails that report problems with your account or threaten to suspend your account.
- Do not share your social security number, account information, passwords, user IDs, PINs or other confidential information with others.
- Do not provide confidential information over the phone or through the Internet unless you know the party you are dealing with.
- Review your monthly statements and report any suspicious activity.
- Review your credit file every year and make certain the information is correct.
If You Become a Victim
- Contact us directly at 888.742.5272 or email* us at firstname.lastname@example.org, and contact all others with whom you have a financial relationship.
- File a police report.
- Report the fraud to the major credit bureaus:
- Equifax 800.685.1111
- Experian 888.397.3742
- TransUnion 800.888.4213
*Please note: The use of non-secure e-mail is intended for general questions, inquiries and comments only. Confidential Customer information cannot be accepted electronically.
You Have The Right To Choose
We have explained the kinds of nonpublic personal information we may disclose to our affiliates. We have also explained who the affiliates are that we may disclose the nonpublic personal information. If you prefer that we do not disclose nonpublic personal information to our affiliates, you may opt-out of those disclosures, that is, you may direct us not to make those disclosures (other than the disclosures permitted by law).
Your decision to block the disclosure of your nonpublic personal information will apply to all products and services you may receive from us, and further, may preclude you from opting for some of the products and services offered by our wholly owned subsidiaries.
Federal law gives you the right to limit some, but not all, marketing from our affiliates. Federal law also requires us to give you this notice to tell you about your choice to limit marketing from our affiliates. You may limit our affiliates – which include but may not be limited to banking, insurance and wealth management affiliates – from marketing their products or services to you based on personal information that we may collect about you and share with them. This information may include your account history and credit history with us.
Your choice to limit marketing offers from our affiliates will apply for at least 5 years from when you tell us your choice. Once that period expires, you will receive a renewal notice that allows you to continue to limit marketing offers from our affiliates for at least another 5 years.
If you have a joint account, an opt-out instruction given by one participant of this account will affect all participants of the account.
If you wish to opt-out of disclosures, you may complete the “Opt-Out Election Form” at the end of this statement.
We will process the selections made on your Opt-Out Election Form within a reasonable time after receipt. However, please note that you may continue to receive offers in progress before your request was received and processed by us.
If you have previously informed us of your preference in the past five years, you do not need to do so again. Your election will apply for 5 years from when you tell us your choice. You will be allowed to renew the election once that period expires.
Click to see important information about your personal information and marketing choices.