Notice of Privacy Rights - Foundation Bank

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Notice of Privacy Rights

Thursday July 29 2010

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McKenzie Banking Company/Foundation Bank

Division of McKenzie Banking Company, McKenzie, Tennessee

Important Definitions relating to this Notice

Consumer– means an individual who obtains or has obtained a financial product or service from us that is to be used primarily for personal, family or household purposes, or that individual's legal representative.

Customer – means a consumer who has a customer relationship with us

Customer Relationship – means a continuing relationship between a consumer and us under which we provide one or more financial products or services to the consumer that are to be used primarily for personal, family or household purposes.

Continuing Relationship: - a consumer has a continuing relation with us if the consumer has a deposit account, loan, IRA account or, enters into an agreement to have us broker a home mortgage loan for you.

Non- Continuing Relationship – a consumer obtains a financial product or service only in isolated transactions (ex. Uses our ATM to withdraw cash from an account at another financial institution, we sell your home loan to a secondary marketer and do not retain the rights to service the loan)

This Notice is being provided to our Customers who have a Continuing Relationship with us.

NOTICE OF YOUR FINANCIAL PRIVACY RIGHTS

IMPORTANT NOTICE ABOUT CUSTOMER INFORMATION

Protecting your privacy is important to McKenzie Banking Company/Foundation Bank and our employees. We want you to understand what information we collect and how we use it. In order to provide our customers with a broad range of financial products and services as effectively and conveniently as possible, we use technology to manage and maintain customer information. The following policy serves as a standard for all employees for collection, use, retention, and security of nonpublic personal information. If you decide to close your account(s) or become an inactive customer, we will continue to adhere to the privacy policies and practices described in this notice.

WHAT INFORMATION WE COLLECT

We may collect “nonpublic personal information” about you from the following sources:

Information we receive from you on applications or other forms;
Information about your transactions with us, our affiliates or others;
Information we receive from a consumer reporting agency; and
Information we collect about you from your use of our web site.

“Nonpublic personal information” is nonpublic information about you that we obtain in connection with providing a financial product or service to you. For example, nonpublic personal information includes information regarding your account balance, loan payment history and overdraft history.

INFORMATION SHARING AMONG OUR AFFLILIATES AND OPTING OUT

We are permitted by law to share your name, address and facts about your transactions and experience with us (such as your payment history and other transactions on your accounts with us) among companies related to us by common control or ownership (“affiliates'). These affiliates consist of an insurance company, a title and escrow company and a consumer finance company. Unless you request otherwise, we also share all of the other information we collect (such as credit report information) among our affiliated companies. If you prefer that we not share other information among our affiliates, you may opt out of those disclosures by calling us toll free at 866-416-2265 or call our corporate office at 731-352-2262.

INFORMATION SHARING WITH NONAFFILIATED THIRD PARTIES AS PERMITTED BY LAW

We are permitted under law to disclose nonpublic personal information we collect about you to “non affiliated third parties” ( third parties that are not members of our corporate family) in certain circumstances. For example, we may disclose nonpublic personal information about you to such third parties to assist us in servicing your loan or account with us; to government entities in response to subpoenas; and to credit bureaus. We are permitted by law to share all the information we collect as described above with (1) companies that perform marketing services on our behalf and (2) with other financial institutions with whom we have joint marketing arrangements.

JOINT ACCOUNTS AND YOUR OPT OUT RIGHTS.

Any authorized consumer on a joint account may exercise the right to opt out.
If one authorized consumer of a joint account exercises their right to opt out, then the bank will apply this opt out to all associated joint consumers listed on the account.

CONTINUING RIGHT TO OPT OUT

You may exercise the right to opt out at any time.

DURATION OF CONSUMER'S OPT OUT DIRECTION

Your direction to opt out is effective until you revoke it in writing or notify us through an electronic means.
If you terminate your relationship with the bank, your opt out direction continues to apply to the nonpublic personal information that we collected during or related to our relationship.
If you establish a new customer relationship with us after terminating a previous relationship, your opt out direction that applied to the former relationship does not apply to the new relationship.

OUR SECURITY PROCEDURES

We also take steps to safeguard customer information; we restrict access to your personal and account information 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.

Member FDIC

P/2009 & 2008 Mortgage and Consumer Loan Forms/New Privacy Notice – Bank's 4-6-09

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