Privacy Statement

Secure and Confidential Banking

Bay State Savings Bank recognizes our obligation and commitment to protect privacy. We are proud of our efforts to protect the privacy and confidentiality of our customers' personal information. We value your business and the trust you have placed in us to protect information about you and your banking relationship with us. 

We handle all personal information about our customers in a responsible and confidential manner that complies with state and federal laws and regulations. This protection continues even if you no longer maintain a customer relationship with us. You have received this notice due to your establishment of a relationship with Bay State Savings Bank. During the continuation of your ongoing relationship with us, we will advise you of our privacy policy and practices annually.

We collect, retain and use nonpublic personal information about you and other customers so we can provide products and services that meet your banking needs.

"Nonpublic personal information" is information that is not readily available from public sources, including the fact that you are a customer of our bank. For example, this type of information includes deposit and loan activity. This information is typically collected from the following sources:

• Information we receive from you on applications and other forms, such as your name, address, social security number, telephone number, income and credit references.
• Information about your transactions with us such as account balances and payment histories.
• Information we receive from consumer reporting agencies, such as your creditworthiness and credit history.  

Information We Share

We do not disclose nonpublic personal information about you, other or former customers to anyone, except as permitted by law.

The law allows us to exchange this information with certain non-affiliated third parties, under limited circumstances. The law permits these activities so we can service your accounts, offer products or services we believe are of value to you, report to credit bureaus, manage risk and perform other necessary financial activities. In addition, we must also respond to government subpoenas.

To provide our customers with products and services that we believe will meet their financial needs, we disclose nonpublic personal information to companies that perform marketing services on our behalf or to other financial service providers with whom we have a joint marketing agreement (such as a company providing investment advisory services).

We do not share medical or health information we may have about you, except when processing transactions or providing services that you have requested or initiated, such as credit life insurance.


How We Protect Your Information

We maintain strict policies and procedures that safeguard your personal information. These policies and procedures include:

• Restricting employee access to your nonpublic personal information to only those individuals with a need to know in order to provide products or services to you. Employees who violate these standards are subject to disciplinary measures.
• Educating our employees about the importance of confidentiality and customer privacy throughout our company.
• Maintaining physical, electronic and procedural safeguards for your information that comply with federal regulations.

We require third parties, with whom we have a contract and to whom we disclose nonpublic personal information, as stated above, to observe the same standards of integrity and confidentiality as our trustees, officers and employees.

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