March 22, 2000
U.S. Bancorp Mails Opt-Out Notices
U.S. Bancorp, Minneapolis, yesterday said that by the end of this month it will have mailed opt-out privacy notices to all 6.5 million of its customers. The bank, which was sued by the Minnesota attorney general last year for allegedly disclosing customers' private financial information to third parties for marketing purposes, said it went beyond the requirements of the Gramm-Leach-Bliley Act by giving its customers the opportunity to opt out of having their information shared with affiliate companies for direct marketing purposes. The mailing was required as part of the company's settlement of the lawsuit with the attorney general.
Customers are directed to call a toll-free number to opt out. The privacy notices will be mailed once a year.