November 23, 2017

Customer Information and Privacy Policy

Wake Forest Federal is committed to protecting the privacy of its customers’ personal “nonpublic” information. As part of our commitment to protecting our customers privacy we have adopted the following privacy principles and have implemented them at all levels of our institution.

Our Customers Expect Privacy

We understand that you expect your personal “nonpublic” information and financial affairs to be held in the strictest of confidence. As a customer of Wake Forest Federal, you have entrusted us to protect your privacy and to safeguard your personal information. We therefore assure you that we will take all reasonable steps, consistent with state and federal laws and regulations and normal business practices, to protect your privacy by keeping confidential information shared with us. We take this responsibility seriously and have designed policies and procedures to prevent misuse of this information.

Why We Collect, Retain, and Use Customer Information

We may routinely collect or retain information that includes your: (1) name, address, telephone number, social security number, annual income, current and past employers; (2) answers to questions on deposit and loan applications; and (3) deposit and loan balances, overdraft history and payment history with us. We collect, retain, and use information about you only where we believe it is necessary to conduct our business or provide products, services, and other opportunities to you. If we collect information about you, we will do so only for a specific business purpose. Some of the reasons we use your information are 1) to protect and administer your records, accounts, and funds 2) to comply with certain laws and regulations 3) to help us design and improve our products and services, and 4) to properly execute a transaction initiated by a customer. We collect and may send information to consumer reporting agencies regarding credit and checking account histories.

We will Maintain Accurate Information

Maintaining the accuracy of your personal information is important. We have procedures to help assure that your personal information is accurate, current and complete. We also have procedures to correct inaccurate information in a timely manner, including processes to update information or remove outdated information. If you discover any information we have about you that is incorrect, please let us know.

We Limit Access to Your Information

Access to personal identifiable information about you is limited to those employees who have a specific business reason to know such information. We prohibit our employees or agents from giving information about you to anyone in a manner that would violate any applicable law or our privacy policy. We do not provide information about you to anyone without first verifying who they are and whether they may have legal access to the information. Our employees are educated and trained on the importance of confidentiality and privacy of customer information.

Security Procedures Protect Your Information

We establish and maintain security procedures designed to help prevent unauthorized access to your private, confidential information. We also update and test our computers, hardware, software, and other technology to assure the integrity and security of our information systems.

We restrict Disclosure of Account Information

We do not reveal specific information about your accounts or other personal identifiable data to parties outside our institution unless it is under the following circumstances: 1) you request or authorize disclosure 2) the information is provided to help complete a transaction initiated by you 3) the information is provided to a reputable credit bureau or similar information reporting agency or 4) the disclosure is otherwise lawfully permitted or required. We will not disclose your account number or any access code for a deposit account or transaction account to a nonaffiliated third party in order for them to sell you products or services.

Information Sharing with Affiliates

Our Association is affiliated with other companies that are commonly owned or controlled by our parent holding company. These affiliates do not currently offer other consumer products or services, but may do so in the future. It is legal for us to share other information among our affiliates.

We Maintain Your Privacy When We Do Business Outside Our Organization

It is sometimes necessary to provide personal identifiable information about you to a party outside our institution who acts as our agent. For example, we utilize an outside service bureau to provide online computer processing and to prepare your account statements. This sharing is permitted by law. When we work with outside businesses, these vendors agree to safeguard your personal and confidential information, and these vendors must abide by applicable law.

If, in the unlikely event that a non-agent nonaffiliated vendor is hired to use your information for marketing purposes, we will disclose this to you in advance and give you the opportunity to “opt out,” in which case your information would not be provided to the vendor for marketing purposes.

Your Opt-Out Rights

You may opt-out of: (1) our sharing of “other information” about you with our affiliates under the federal Fair Credit Reporting Act; and (2) our sharing of information about you with non-agent, nonaffiliated companies or persons. You may opt-out of all or some of this information sharing at any time. To opt-out, send your signed statement or sign and return our form informing us to stop sharing information indicated. Once your signed statement/form is received, we have a reasonable amount of time to stop the information sharing. To revoke your opt-out, send your signed statement or sign and return our form saying you will permit us to share the information indicated.

Ending Customer Relationship

When you end your customer relationship with us, or when we end our customer relationship with you, we treat the information we have about you as if you were still our customer.

Updated: 2/21/12