Bank of America Makes “Privacy Promise”
Bank of America Corp. announced Friday that it will not share any customer information with third-part marketers who offer their products and services to its customers. Nor will the financial institution enable such marketers to offer its customers products unrelated to their financial needs.
The announcement followed the filing of a suit against U.S. Bank that alleges hat such confidential customer data was shared with telemarketers pitching products or services to U.S. Bank customers; a statement by United States Comptroller of the Currency John D. Hawke Jr. that suggested banks stop selling customer data to unaffiliated telemarketers lest Congress legislate against it; and a banking bill that gives consumers the right to block banks from sharing personal financial information with their insurance or securities affiliates that cleared the House Commerce Committee last Thursday.
Bank president Ken Lewis issued a statement saying that the change was “the right thing to do for our customers.” He also claimed that customer privacy was one of the bank’s highest priorities.
