Can I collect bank account information from participants in Wisconsin? What are the requirements?

Based on the documents provided, there are specific requirements for collecting bank account information from participants in Wisconsin.

Requirements for collecting bank account information

According to WIAC Ins 25.40, a licensee shall not disclose a policy number or similar form of access number or access code for a consumer’s policy or transaction account to any nonaffiliated third party for use in telemarketing, direct mail marketing or other marketing through electronic mail to the consumer. However, there are exceptions to this rule, such as disclosing the information to the licensee’s service provider solely to perform marketing for the licensee’s own products or services, or to a participant in an affinity or similar program where the participants in the program are identified to the customer when the customer enters into the program.

Additionally, WIAC Ins 25.50 provides an exception to opt-out requirements for disclosure of nonpublic personal financial information for service providers and joint marketing. A licensee may provide nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee’s behalf, or for the purpose of marketing goods or services under the brand name of a licensee under ch. Ins 15, or an affiliate of such a licensee, as long as the licensee complies with certain requirements, such as providing initial notice in accordance with s. Ins 25.10 and entering into a contractual agreement with the third party that prohibits the third party from disclosing or using the information other than to carry out the purposes for which the licensee or its affiliate disclosed the information.

Additional Information

WIAC DFI-Bkg 14.08 requires banks to provide each customer with a periodic statement of each account of the customer accessible through a customer bank communications terminal. The statement shall be provided on a monthly basis for each month in which a transaction occurs, or once every 3 months, whichever is more frequent. The statement shall identify the date, location, and nature of each transaction.

WIAC Ins 25.15 requires that the initial, annual and revised privacy notices that a licensee provides under ss. Ins 25.10, 25.13, and 25.20 shall include all of the following items of information, in addition to any other information the licensee wishes to provide, that applies to the licensee and to the consumers to whom the licensee sends its privacy notice.

Conclusion

Based on the documents provided, a licensee may collect bank account information from participants in Wisconsin, subject to certain requirements. A licensee shall not disclose a policy number or similar form of access number or access code for a consumer’s policy or transaction account to any nonaffiliated third party for use in telemarketing, direct mail marketing or other marketing through electronic mail to the consumer, except under certain exceptions. Additionally, a licensee may provide nonpublic personal financial information to a nonaffiliated third party to perform services for the licensee or functions on the licensee’s behalf, or for the purpose of marketing goods or services under the brand name of a licensee under ch. Ins 15, or an affiliate of such a licensee, as long as the licensee complies with certain requirements.

Jurisdiction

Wisconsin

• Privacy