Privacy Notice

What does Bank of the Federated States of Micronesia do with your personal information?

Why?

Financial companies choose how they share your personal information. U.S. federal law gives consumers the right to limit some but not all sharing. As an FDIC insured bank, the FDIC requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

Social Security number and account balances
Payment history and credit history

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Bank of the FSM chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Bank of the FSM share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

While our website (www.bofsm.bank) does not collect and store personal data, we do collect your personal information if you sign up to use our internet banking solution. When you are a User of our internet banking solution, we keep your information to verify your identity for access purposes. This information allows the solution to retrieve your linked account information and personalized settings. This information is kept indefinitely while you maintain an account relationship with us. If you no longer want to be able to access the internet banking solution, simply visit your local branch to have them remove your access. This will remove the information collected that is not required for the continuation of your banking relationship.

What We Do

How does Bank of the FSM protect my personal information?

We restrict access to nonpublic personal information about you to those employees who need to know that information to provide products and services to you. We maintain physical, electronic and procedural safeguards that comply with Government standards to guard your nonpublic personal information.

How does Bank of the FSM collect my personal information?

We collect your personal information, for example, when you

open an account or apply for a loan
make deposits or withdrawals from your account
show your government-issued ID

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

FSM Law restricts banks from sharing information on its customers. Information can only be shared by us for one of the following reasons:

With written authorization of the customer or his legal representative
For the purpose of performing banking duties
When required to do so by a court in the FSM
In order to comply with Title 29: FSM Commercial Banking
To provide to a person, with a legitimate business request, a general credit rating

Definitions

Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

Bank of the FSM has no affiliates

Non-Affiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

Bank of the FSM does not share with non-affiliates so they can market to you

Joint Marketing

A formal agreement between non-affiliated financial companies that together market financial products or services to you.

Bank of the FSM doesn’t jointly market

Questions?

If you have any questions about our nonpublic personal information privacy policy you can call our Corporate Office at (691) 320-2724 or write to: