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Banking Security Measures in American Samoa: A Look into Territorial Bank’s Practices

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In an effort to maintain transparency and protect customer information, Territorial Bank of American Samoa has released its privacy policy detailing how it collects, shares, and safeguards personal data. The bank’s practices have been scrutinized by regulators and customers alike, with a focus on ensuring that sensitive information is not compromised.

Data Collection

Territorial Bank collects a range of personal information from customers, including:

  • Social Security numbers
  • Income levels
  • Account balances
  • Payment history
  • Credit scores

This data is used to process transactions, maintain accounts, respond to legal inquiries, and report to credit bureaus.

Data Sharing

In its privacy policy, Territorial Bank outlines the reasons why it shares customer information with affiliates and nonaffiliates. According to the policy:

  • The bank does not share personal information for marketing purposes or joint marketing initiatives.
  • Affiliates are companies related by common ownership or control.
  • Nonaffiliates are companies not related to Territorial Bank through common ownership or control.
  • Joint marketing refers to a formal agreement between nonaffiliated financial companies to market financial products or services together.

Data Protection

To protect customer data, the bank employs a range of security measures, including:

  • Computer safeguards
  • Secured files
  • Restricted access to buildings

Additionally, customers can limit sharing of their personal information with affiliates for everyday business purposes, but federal law prohibits limits on all sharing.

Customer Rights

According to Territorial Bank’s policy, it does not share personal information with nonaffiliates for marketing or joint marketing purposes without customer authorization. The bank also notes that state laws and individual companies may provide additional rights to customers regarding data sharing.

Customers seeking more information on Territorial Bank’s privacy practices can contact the bank directly at 888-888-8888.