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Privacy Policies Of Bank Of American And United Health Group

2324 words - 10 pages

1. Introduction

As organizations become increasingly dependent on information technology in order remain viable they also raise their level of responsibility regarding the handling of customer information because of its adoption. Each industry requires customers to divulge information, the information that is shared between the customer and the organization varies. Each company manages the information that they collect uniquely and typically publish privacy policies that are accessible to customers so they may be aware of and understand how their information is shared and used. This paper will discuss the privacy polices of two organizations that operate in separate industries, these ...view middle of the document...

The act also requires financial institutions to explain to customers how their personal information is shared. Bank of America under the requirement has published consumer privacy notice that explains to customers what and how customer information is used by the bank. Bank goes on to outline their online privacy policy which explains how the bank collects and shares information when one visits its site or those of its affiliates.

2.2 UnitedHealth Group/UnitedHealthcare

UnitedHealth Group is a national leader and provider of health care benefits. According to mission statement posted on their corporate website UnitedHealth Group’s mission is to “help people live healthier lives” (UnitedHealth Group, 2011). Being a health plan provider UnitedHealth Group is required to remain in compliance with the Health Insurance Portability & Accountability Act (HIPAA). HIPPA like GLBA requires that relevant organizations provide customers with information that explains its privacy practices. UnitedHealth Group primary operating company UnitedHealthcare has an extensive privacy policy that explains how customer information is used, the organization rights in regard to the use of private information, the rights of the consumer regarding the information that UnitedHealthcare handles, and how one may exercise the rights surrounding the use private information. Keep in mind that the policy is composed of two notices one that addresses medical information and one that address financial information. In addition, is summarizes privacy in terms of what is allowed under federal law and what is applicable to state laws.
3. Privacy Policies
3.1 Bank of America

Bank of America in their privacy policy claims to collect and share information such as social security numbers, employment information, account balances, transaction histories, credit information, and medical information (Bank of America, 2011). According to the policy the bank “needs” to share these pieces of information in order to conducted their day to day operations (Bank of America, 2011). Although Bank of America expresses its need to share information it does explain to customers what information they have the ability to limit should they choose to do so. Below I have created summarized chart that illustrates what information is shared and whether or not the sharing of the information can be limited.
Purpose for sharing Shared Can be limited?
Day-to-day operations
Court orders and Legal matters.
Reporting to credit bureaus Yes No
Marketing with third parties service providers Yes No
Joint marketing efforts with other financial service providers Yes No
With affiliates for the in order to conduct day-to-day operations Yes No
With affiliates in order to determine customer credit-worthiness Yes Yes
With non-affiliates so they may market to customer (limited to credit card accounts) Yes Yes
With non-affiliates so they may market to customer services endorsed by another organization. Yes Yes...

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