At Live Oak Banking Company we recognize and respect your privacy. Confidentiality is a key part of providing quality financial services. Our organization is committed to upholding high standards of privacy for your protection and benefit. Whether you are an existing customer or are considering a relationship with us, we want you to know how we collect, use and retain information about you and your relationship with us. Our privacy program for all existing and former customers is summarized below.
Recognition of Customer Privacy Expectations: Live Oak Banking Company respects that our customers expect and deserve privacy. Information that has been entrusted to us will be held in the strictest confidence. We maintain high standards to ensure that information is used only for appropriate business reasons in accordance with applicable laws and regulations.
Collection, Use and Retention of Customer Information: We collect, use and retain customer information from a variety of sources for the purpose of administering our business and to provide products, services or other opportunities to our customers. Customer information is obtained directly from the customer, is collected when recording customer activity and related transactions, or is requested with your permission from outside sources, such as employment verifications, credit reports, etc. This information is used to evaluate and manage our risks; to protect and administer your accounts, records and funds; to comply with applicable laws and regulations; to develop and enhance our portfolio of products and services and for other valid business purposes.
Information Accuracy: Live Oak Banking Company continually strives to maintain complete and accurate information about you and your accounts. If you ever believe that our information is inaccurate or incomplete, please notify us immediately. We will review your concerns and correct any inaccuracies. Under the Fair Credit Reporting Act, you have the right to notify us if you believe we have reported inaccurate information about your account to any Consumer Reporting Agency. Please submit your request for correction in writing and include your full name, current address, social security number, account number, telephone number, and the information you believe is inaccurate. Please inform us of the reason you believe the information is incorrect and we will research and correct any misinformation appropriately. Send your notice to:
Live Oak Banking Company
Attention: Compliance Officer
2605 Iron Gate Drive, Suite 100
Wilmington, NC 28412
Employee Access to Customer Information: Live Oak Banking Company maintains security levels and related procedures to assist in the prevention of unauthorized access to confidential information within our organization. Secured access is delegated upon a “need to know” basis commensurate with each employee’s responsibilities. Our employees are instructed in the importance of confidentiality and are provided with written code of conduct guidelines.
Maintaining Customer Privacy with Third Party Business Partners: On occasion, it is necessary to provide personally identifiable information about our customers to a party outside of our organization. Live Oak Banking Company is highly selective in choosing vendors and service companies that assist us in serving our customers. These relationships are maintained solely to perform services on our behalf including, but not limited to, customer statement rendering, items processing, electronic data processing services, and other services required to support our products and services. These business partners agree to safeguard our confidential customer information and they must abide by applicable laws.
Restricted Disclosure of Information: Responsible use of information benefits our customers by protecting your privacy and by enabling us to offer you improved products and services based on your needs. It is our policy to prohibit the marketing of customer information to parties outside of our corporate family. Live Oak Banking Company does not reveal specific information about your accounts or other personally identifiable data to external parties unless:
- You request disclosure of the information;
- The information is necessary to complete a transaction or perform a service at your request;
- The information is provided to a reputable credit bureau or similar information reporting agency; or
- The disclosure is otherwise lawfully permitted or required.
