LEGAL (PRIVACY) POLICY

YOUR PRIVACY IS IMPORTANT TO US

As a member of MIDFLORIDA FEDERAL CREDIT UNION, you provide us with important information about yourself. We believe it is our responsibility to safeguard your personal and financial information. While some financial institutions share account owner information with other businesses, we are committed to keeping your financial information confidential. The following privacy policy explains how we use and protect the information about our members. We ask that you read it carefully.

NOTICE OF YOUR FINANCIAL PRIVACY RIGHTS

We, our, and us, when used in this notice, mean MIDFLORIDA FEDERAL CREDIT UNION. This is our privacy notice for our members. When we use the words "you" and "your" we mean the following types of members: Our consumer members who have a continuing relationship by purchasing or holding financial products or services such as a(n):
• Deposit account
• Loan account
• Credit card account
• Safe deposit box
• Automobile lease we service
• Mortgage brokerage services
• All IRA accounts for which we act as custodian
• Former members

We will tell you the sources of the information we collect about you. We will tell you what measures we take to secure that information. We will first define some terms.

Nonpublic personal information means information about you that we collect in connection with providing a financial product or service to you. Nonpublic personal information does not include information that is available from public sources, such as telephone directories or government records. Hereafter, we will use the term "information" to mean nonpublic personal information as defined in this section. An affiliate is a company we own or control. A nonaffiliated third party is a person we do not employ or a company that is not an affiliate of ours. This is also known as nonaffiliated third party, or simply, an "other party."

THE INFORMATION WE COLLECT

We collect information about you from the following sources:
• Information you give us on applications or other forms
• Information about your transactions with us
• Information about your transactions with our affiliates
• Information from a consumer reporting agency

THE CONFIDENTIALITY, SECURITY, AND INTEGRITY OF YOUR INFORMATION

We restrict access to information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards to protect this information.

YOUR INFORMATION AND OTHER PARTIES

We will not disclose information about you to anyone except as disclosed in this policy or as permitted by law. Examples of this might include disclosures necessary to service your account or prevent unauthorized transactions.

INFORMATION ABOUT FORMER MEMBERS

We have the same policy about disclosing information about former members as we do about current members.

AUTHORIZED SHARING - JOINT MARKETING

We may disclose the following information to other financial institutions with whom we have joint marketing agreements:
Information you give us on an application or other forms, such as:
• Name
• Address

We disclose the information listed above with other financial institutions with whom we have joint marketing agreements. You do not have a right to opt out of the disclosure of this information.

Types of Businesses
We may disclose information pursuant to joint marketing agreements to the following types of businesses:
Financial service providers, such as:
• Securities broker-dealers
• Insurance companies

Reasons For Disclosing
We may disclose information about you to other financial institutions with whom we have joint marketing agreements to provide you with information about additional products and services.

What is the Check 21 Act?
The Check 21 Act which was enacted in October 2004, permits any person or entity who processes a check to create what the Act dubs a “substitute check” – a paper reproduction (front and back) of the original check. These substitute checks will contain all the information contained on the original check and will bear the legend: “This is a legal copy of your check.You can use it the same way you would use the original check.” The first step in creating a substitute check is to create an electronic image of the original check. Once an electronic image is created, the original check is “truncated,” or taken out of circulation. The person or entity that creates the electronic image is then responsible for truncating the original check. Depending on that person’s or entity’s policies, they may either destroy the original check or store it for a period of time. Institutions can then process the electronic image or use it to create the paper reproduction (or substitute check) at any point in the process.

How does the Check 21 Act affect float time?
Accelerated check processing also means a reduction in the so-called “float” time – the amount of time between the writing and the cashing of a check.

What’s the difference between an electronic check conversion (e-check) and a substitute check?
An e-check is an electronic funds transfer initiated by a check.With an e-check, the transaction is actually routed through the Automated Clearing House (ACH) network. Typically, the retailer takes your check, scans it for the encoded financial information and gets your authorization prior to initiating the transfer. Once you authorize payment, the original check is stamped “void” and returned to you. The transaction will generally appear on your account statement with other electronic or ACH-type transactions. A substitute check, on the other hand, is a replacement that is the legal equivalent of the original check. It is created from an image of the original, processed as a check and will appear on your account statement as a check.

If you have more questions about the Check 21 Act, please click here to email a service representative.