Privacy Policy
Bank Statement on Private Information
Magnolia Bank has always valued its customers’ privacy highly. We have protected your confidential information in many ways over the years and will continue to do so using state-of-the-art measures. As an organization in the financial services industry, we recognize that privacy is critical. We never lose sight of the fact that our customers’ trust is our most treasured asset. You can rest easy knowing that our corporate focus is the protection of your privacy in dealings with us whether you are a current or a prior customer. You can count on us to protect your information with a high level of security and appropriate discretion.
Categories of Nonpublic Personal Information that the Bank Collects
We collect nonpublic personal information about you from the following sources: - Information we receive from you on applications or other forms.
- Information we receive from processing your accounts with us and the transactions in those accounts, such as deposit accounts and loans, as well as information we receive from providing services to you.
- Information we receive from a consumer reporting agency (commonly known as credit bureaus).
- Information we receive in response to requests we make to confirm information that you have provided to us, particularly in the process of evaluating applications for loans.
Categories of Nonpublic Personal Information that the Bank Discloses
We may disclose the following kinds of nonpublic personal information about you: - Information that we receive from you on an application to determine whether a loan is saleable in the secondary market.
- Information we receive from you on an application such as deposits or loans that you have with other financial institutions to verify the accuracy of the information that you have provided us.
- Information that we receive from you on an application such as existing loan balances to be paid from our proceeds to persons who will be involved in the closing of the loan, such as attorneys and title companies.
- Information we receive from processing your accounts with us such as balance information to the operator of the interchange that processes our ATM and debit card transactions.
Categories of Affiliates and Nonaffiliated Third Parties to Whom the Bank Discloses
We may disclose nonpublic personal information about you to nonaffiliated third parties as permitted by law. The third party receiving such information must adhere to the privacy principles that cover such information regarding confidentiality. Information exchanges with reporting agencies are deemed important to maximize the accuracy and detail of information reported. Information is provided in the following instances: - Customer requests it
- Disclosure is required by law
Bank’s Policies and Practices With Respect to Protecting Confidentiality and Security of Nonpublic Personal Information
It is the policy of Magnolia Bank to assure that the information it has about its customers is accurate. It is also the policy of the Bank that information it has about its customers is highly confidential and should only be available to persons who have a need for the information to properly service a customer’s account, act upon a customer’s request or to fulfill that person’s job responsibility. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.
If at any time you have a concern about the security of your information, you may contact us through e-mail at dbradley@magnoliabank.com or srock@magnoliabank.com , call our institution at 270-358-3111 or write to us at Magnolia Bank, PO Box 188, Hodgenville, KY 42748. |
