Salem Co-operative Bank

Privacy Policy

At Salem Co-operative Bank, we welcome your business and the responsibility of protecting your privacy.  We value your trust and work hard to maintain that trust every day.  To help you better understand the ways we safeguard your personal information, we have prepared the following booklet that describes our approach and practice of collecting, using, retaining and securing information for current and former customers.

 Our Philosophy

We collect and use information about you when we believe it will help us deliver high quality customer service, administer our business and aid in our development of new products and services that may be of interest to you.  All employees at Salem Co-operative Bank sign a thorough confidentiality agreement upon employment and adhere to a strict code of conduct that governs the practice of protecting our customers' data.

 Information Collection

We collect non-public* personal information about you from the following sources:

• Information we receive from you on applications or other account forms.
• Information about your transactions with us or others; and
• Information we receive from third parties such as credit bureaus.

 "Nonpublic personal information" is information about you that we obtain in connection with providing a financial product or service to you. For example, nonpublic information includes information regarding your account balance, payment history, and overdraft history. It does not include information that is publicly available such as your name and address, if available from public records or media sources.

Information Sharing

We do not disclose any nonpublic personal information about you to anyone, except with your

consent or otherwise as permitted by law.

We may disclose nonpublic information about you to third parties to assist us in servicing your account or loan or as required by law.  Examples include personal information about you to credit bureaus and to government entities in response to subpoenas.

We may also disclose information to third parties that perform services on our behalf under joint marketing agreements. Such parties may only use your nonpublic information on our behalf and are required not to disclose information about you to other parties.

We do not share medical or health information with any person except to process transactions or provide services you have requested or initiated, such as applications for credit insurance.

Note: A  state law may restrict the disclosure of nonpublic personal information in a manner different from federal law. Whenever a state has a more restrictive law, we will comply with its requirements.

Confidentiality and Security

We restrict access to your personal and account information to those employees who have a need to know. We maintain physical, electronic and procedural safeguards that comply with federal regulations to protect your nonpublic personal information.

A Shared Responsibility

We will do our part to maintain the confidentiality of your non-public information. We encourage you to take steps to protect your confidential information as well, such as:

• Never disclose your account information, password, social security number or other financial data by phone or email, unless you initiated the dialog and know the organization you are dealing with.
• Review bank statements and credit card statements monthly for accuracy, and once a year review a copy of your credit report.
• Shred financial statements, old bank cards, receipts, etc. before discarding.
• Should you lose your bank or credit cards, immediately notify the bank, the credit card companies, the credit bureau and the police, if appropriate.

 Corrections and  Questions

If you believe your personal information at the bank is incorrect, or if you have additional questions about privacy, please contact us at:

Updates or Changes

From time to time, we may update or amend this policy and will notify you prior to those changes as required by law. You may view the most current version of this policy by visiting our office or by visiting our website at: 

www.salemcoop.com