In 2025, you’d expect your bank to protect your financial privacy. But the reality might surprise you. Thanks to outdated policies and legal loopholes, many U.S. banks share or sell your personal and transactional data to affiliates, partners, or marketers.
They may not give away your account number, but they often share behavior patterns, purchase habits, credit profiles, and more—often without your clear consent.
The good news? You can opt out. This guide explains what data banks collect, how they share it, and the exact steps to stop your information from being passed around like a marketing tool.
What Kind of Data Do Banks Collect and Share?
When you open a bank account or use a credit card, your financial institution begins collecting a wide range of data about you.
This includes identity information like your name, address, phone number, Social Security Number, and email
transaction history such as your purchases, ATM withdrawals, transfers, and deposits
credit data including your credit score, loan balances, and payment behavior
location data from mobile apps or ATM usage
device fingerprints from app logins, browser sessions, or digital banking
marketing profiles based on your spending habits and savings goals
Under federal law, banks are allowed to share some of this data with affiliated companies and third-party marketers for “business purposes”—unless you specifically tell them not to.
What Does the Law Say?
The Gramm-Leach-Bliley Act (GLBA) governs how financial institutions handle your personal data. According to this law, banks must provide you with a privacy notice that discloses what information they collect, what they share, and with whom.
Importantly, GLBA gives you the right to opt out of certain types of information sharing—especially for marketing purposes or sharing with non-affiliated third parties.
But the opt-out isn’t automatic. Most people miss the fine print or don’t realize they have a choice.
Types of Data Sharing You Can Opt Out Of
Sharing with non-affiliated marketers who may send you ads, offers, or promotions
Sharing with financial partners for joint marketing programs
Using your purchase behavior to build third-party customer profiles
Sharing your creditworthiness data unless required by law
Sharing personal information with data brokers or insurance partners
What You Can’t Opt Out Of
Data sharing for fraud prevention or law enforcement
Credit reporting to agencies like Equifax, Experian, and TransUnion
Internal usage or service improvement within your bank or its subsidiaries
Legal compliance or regulatory audits
How to Find Out if Your Bank Is Sharing Your Data
Request the Bank’s Privacy Notice
Every U.S. bank is required by law to give you a privacy policy notice when you open an account and once per year thereafter. You can also find this on the bank’s website—usually in the footer under “Privacy,” “Legal,” or “Security.”
Read the Sharing Table
The privacy notice includes a chart that outlines what the bank collects, what it shares, and whether you can limit it. Look for rows labeled “Non-affiliates” or “Joint marketing.”
Look for an Opt-Out Section
There will be a section titled something like “To Limit Our Sharing” with instructions on how to opt out. It may include an online form, toll-free number, or mailing address.
Use the Consumer Privacy Center
Major banks like Chase, Wells Fargo, and Bank of America now offer digital privacy dashboards where you can customize what’s shared and how.
Steps to Opt Out of Bank Data Sharing in 2025
- Log Into Your Bank Account
Visit your bank’s website or mobile app. Go to Settings > Privacy Preferences or look for a “Consumer Privacy Center” tab. - Locate the Opt-Out Page
Banks like Capital One, Citi, and Discover have clear opt-out links in their privacy policies. Use their online tools to adjust your preferences. - Call Customer Service
If the option isn’t available online, call your bank’s support number. Request to opt out of marketing and non-essential data sharing. Keep a record of the date and rep name. - Submit a Written Request
Some institutions allow you to send a written letter requesting opt-out status. Use certified mail for confirmation. - Monitor Your Preferences Yearly
Banks may revise their privacy policies. Revisit your settings at least once a year or after major account changes.
Bar Chart: Percentage of Top U.S. Banks Sharing Data for Marketing (2025)
| Bank | Shares Data for Marketing (%) |
|---|---|
| Chase | 89 |
| Wells Fargo | 85 |
| Bank of America | 82 |
| Capital One | 77 |
| Citi | 74 |
| US Bank | 68 |
| Navy Federal Credit Union | 12 |
Note: Credit unions are less likely to share your data, especially for marketing purposes.
How to Reduce Bank Data Collection in the First Place
Opt Out of Pre-Screened Credit Offers
Visit OptOutPrescreen.com to stop receiving pre-approved credit and insurance offers from all major credit bureaus.
Disable Location Services in Mobile Banking Apps
Turn off GPS permissions to reduce location-based profiling from your bank’s app.
Avoid Using Financial Aggregator Apps
Many budgeting tools ask for bank access. Read their privacy policy before connecting your accounts.
Use Privacy-Focused Banks
Some fintech platforms and digital banks promise minimal data sharing and end-to-end encryption. Examples include One Finance, HMBradley, and certain local credit unions.
Ask Your Bank to Limit Data Analytics
You can request that your bank not use your personal data for cross-device tracking or behavioral marketing. While not always honored, some banks will restrict personalization features if requested.
FAQs
Q: Does opting out affect my ability to use banking services?
No. Opting out of data sharing won’t impact your ability to bank, get loans, or access your accounts. It only limits what’s shared with affiliates and third parties.
Q: Can I opt out for my children or joint account holders?
You can opt out for minor children, but adults in joint accounts must submit their own requests unless explicitly authorized.
Q: Will opting out stop telemarketing and junk mail?
It helps, but doesn’t eliminate all marketing. Use the National Do Not Call Registry and opt-out tools like DMAchoice.org for broader control.
Q: Can I file a complaint if my bank ignores my opt-out request?
Yes. Contact the Consumer Financial Protection Bureau (CFPB) or file a complaint via consumerfinance.gov.
Final Thoughts
In today’s hyper-connected world, your bank doesn’t just hold your money—it
. And that data has real value. But so does your privacy.
If you care about how your personal and financial information is used, it’s time to act. Opting out is your legal right, and it’s one of the easiest steps you can take toward reclaiming digital privacy.
Check your bank’s privacy policy, adjust your sharing settings, and stay informed. Because in 2025, protecting your wallet also means protecting your data.
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Website: https://elvicom.com