The type of information we collect -
We routinely collect and retain the information we obtain from your account applications, transaction history (for deposits, loans, credit cards, etc.) and from consumer reports. This information helps us:
* To establish and administer your accounts. (Example: We ask for personally identifying information to protect your accounts from fraud.)
* To satisfy regulatory requirements. (Example: When you open an account that pays interest, we are required by the Internal Revenue Service to obtain your social security number.)
* Better understand you so that we may provide you with additional or improved products and services. (Example: We require information concerning your credit history and your assets to determine if you qualify for loan approval.)
We do not share our current or previous customers' nonpublic personal information with nonaffiliated third parties except as permitted or required by law.
We may disclose nonpublic personal information about our current or previous customers to our affiliates. Here are the kinds of nonpublic information we may disclose to our affiliates:
Transaction and experience information from our account records:
Information about transactions and experiences with us, such as:
-Date of Birth
-Social Security Number
-Types of Accounts
-Credit Card Usage
-Parties to the transaction
Federal law allows us to disclose the information listed above with our affiliates. There are no provisions in the law for customers to request that this information not be disclosed to our affiliates.
Types of Affiliates
We may disclose nonpublic information about you to the following affiliates: (Affiliates are either a holding company for or a subsidiary of Wells Federal Bank.)
-Wells Financial Corp.
-Greater Minnesota Mortgage
-Wells Insurance Agency
We may disclose all of the information we collect, as described above to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements.
How is that information protected?
Access to your personally identifiabe financial information is limited to employees with a specific business reason for utilizing this data. Our employees are educated about the importance of maintaining confidentiality and customer privacy. If necessary, we take appropriate disciplinary steps to enforce our employees' responsibility to protect your very personal information.
In order to prevent unauthorized access to your information, we maintain security standards and procedures that conform with industry practices. These security standards and procedures are routinely tested to verify the integrity of our systems.
To help the government fight the funding of terrorism and money laundering activities, the Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Effective: Oct. 1, 2003