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 1 Banks Share Information — Basic Story

Your bank knows a lot about you. It knows how much money you have and how much money you spend.
Banks often share this information with other businesses.
Many people do not think banks should be able to share information like this with others. Some of these people
are trying to pass a new bill that would stop it. This bill would make banks ask for permission from their
customers before sharing personal information.
Banks collect information every time you use your ATM, go inside your bank, or even write a check. They
often let others know what you are doing with your money. This makes some people angry.
Right now you must tell the bank not to share your information with others if you do not want them to. Most
banks feel that this is good enough. The banks are not happy about this possible new bill.
Banks say that it is already easy for people to protect their personal information. They do not want any changes
to be made. Banks are afraid that many customers might not let them continue to share personal information
with others.

 2 Banks Share Information — Full Story

Your bank knows a lot about your finances and spending habits. That information is often shared with other
businesses. AB-203, a new bill before the legislature, would stop banks in California from sharing your
personal information.
Banks collect information every time a transaction is made. This information is often shared with businesses.
Currently, the burden is on consumers to stop banks from giving out financial histories. The proposed bill,
called the Consumers' Financial Privacy Act, would require banks to obtain permission first before sharing an
individual's personal information. "They will be prohibited from doing so unless an individual gives their
expressed written permission that they can in fact share that information with affiliates and third parties," said
the bill's author, Assemblywoman Hannah-Beth Jackson, D-Santa Barbara.
The banking industry opposes the legislation, saying it's already easy for consumers to keep their private
financial information from being shared. "We're making it very easy for customers to opt out," said Kathleen
Queenneville of The Mechanic's Bank. "You can do it by phone, you can do it by mail (it's postage paid) you
can do it through the Internet, you can do it in person."
According to consumer groups, bank mergers make it easier than ever for them to share financial records with
affiliated businesses. They say AB-203 would protect Californians' right to privacy. Three other states have
already adopted similar privacy laws.

 3 bank

a place where people keep their money

 4 bill

something people hope will become a law

 5 customer

a person who buys things

 6 information

what someone knows

 7 money

what people use to buy things

 8 permission

to ask if it okay to do something

 9 protect

to keep safe

 10 require

to need something

 11 share

to let others have or use

 12 spend

to use money to buy things

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