Bank Privacy Notice
What does Nelnet Bank do with your personal information?
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
- Social Security number and assets
- Account transactions and account balances
- Payment history and credit history
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Nelnet Bank chooses to share; and whether you can limit this sharing.
|Reasons we can share your personal information||Does Nelnet Bank share?||Can you limit this sharing?|
|For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus||Yes||No|
|For our marketing purposes — to offer our products and services to you||Yes||No|
|For joint marketing with other financial companies||Yes||No|
|For our affiliates’ everyday business purposes— information about your transactions and experiences||Yes||No|
|For our affiliates’ everyday business purposes— information about your creditworthiness||Yes||Yes|
|For our affiliates to market to you||Yes||Yes|
|For nonaffiliates to market to you||Yes||Yes|
To limit our sharing
Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Who we are
Who is providing this notice?
Nelnet Bank, its affiliates, and subsidiary entities maintained for purposes of holding loans and consumer deposit accounts.
What we do
How does Nelnet Bank protect my personal information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Nelnet Bank collect my personal information?
We collect your personal information, for example, when you:
- Open an account or provide account information
- Apply for a loan or pay your bills
- Give us your contact information
- Make deposits or withdrawals from your account
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?
Federal law gives you the right to limit only:
- Sharing for affiliates’ everyday business purposes—information about your creditworthiness
- Affiliates from using your information to market to you
- Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
What happens when I limit sharing for an account I hold jointly with someone else?
Your choices only apply to your information. Other account holders must contact us to manage their privacy preferences.
Companies related by common ownership or control. They can be financial and nonfinancial companies.
- Our affiliates include companies with a Nelnet name; financial companies, such as those holding and/or servicing loans; nonfinancial companies, such as those providing educational services to schools and students; and others, such as holding companies.
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
- Nonaffiliates we share with can include companies providing education planning and finance products and services, direct marketing companies, financial institutions, and government entities.
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
- Our joint marketing partners include companies providing education planning and finance products and services, direct marketing companies, and financial institutions.
Other important information
Vermont residents – We will automatically manage accounts with Vermont addresses as if the account holder has directed us not to share with both affiliates and nonaffiliates. You may opt in and provide your consent using the contact method described in the “To limit our sharing” section.
California residents – We will automatically manage accounts with California addresses as if the account holder has directed us not to share with nonaffiliates. You may opt in and provide your consent using the contact method described in the “To limit our sharing” section.