In Perspectives

After a day at work, making dinner, washing dishes and folding laundry, I can finally sit down, relax and unwind for the day.   I put my feet up and grab my laptop.  I decide to quickly check my investment account to see how my portfolio is performing.  I go to the Legacy Trust website and enter my user ID and password, and anxiously wait for my account balance to appear.  Surely, I have gains with the recent rise in the market.   To my dismay, I must answer several security questions first.  If only I could remember how I answered the questions originally.   After numerous attempts, I eventually answer all five questions correctly.  I feel the excitement rising as I wait for my account balance to appear.  Again, to my dismay, there appears to be yet another step. I must now confirm the image and phrase displayed on the screen to match what I selected when I opened my account.   Once again, my eyes are glued to the screen waiting to see my balance, but no balance appears.  Instead I must re-enter my password for a second time.  FINALLY, after fifteen minutes or more I have successfully logged in.   So much for “quickly” and I am now more frustrated than excited.   Does this sound familiar?

I would guess most of you can identify with this lengthy and all too often frustrating process. Unfortunately, these layers of security are a necessary part of today’s technological world.   The FTC (Federal Trade Commission) estimates that as many as 11.5 million Americans have their identities stolen each year.  The total financial loss attributed to identity theft in 2013 was $21 billion.  Criminals are smarter and using more advanced technology to access your information.  The FFIEC (Federal Financial Institutions Examination Council) is fighting back with guidance focused on the risk management controls necessary to authenticate the identity of customers accessing Internet-based financial services.   This is known in the financial industry as “multi-factor authentication”.   It requires you the client and user to complete several steps in order to verify your identity before allowing access to your account.

Please remember the next time it takes you much longer than you feel it should to log in, it is a necessary step in today’s world.  Remember, the extra time and frustration far outweighs the alternative, the theft of your identity and compromise of personal information.

Legacy Trust and Your Right to Financial Privacy

At Legacy Trust we have established policies and practices that respect the financial privacy of all individuals who use our trust company. We believe it is critical to comply with the laws and regulations designed to secure your financial privacy. Your relationship with us as our client is very important to us, and we want you to understand our policies and practices about handling your information.

This Policy applies to you – This Policy applies to our relationships with individual clients who inquire about or obtain products or services from us for personal, family and household purposes.

Strict security measures – We take the security of information very seriously. We have established security standards and procedures to prevent access to client information. We maintain physical, electronic and procedural safeguards to guard client information.

Limited employee access – We have established procedures to limit employee access to information to only those employees with a business reason for accessing such information. We educate our employees about the importance of confidentiality and client privacy. We take appropriate disciplinary measures to enforce employee responsibilities regarding client information.

Why we collect information – We collect information about you to:

  • accurately identify you;
  • protect and administer your records, accounts and funds;
  • help us design or improve our products and services;
  • understand your financial needs;
  • save you time when you apply for new products and services; offer you quality products and services; and comply with certain laws and regulations;

We collect information – We collect and maintain your personal information so that we can provide investment management and other services to you. The types and categories of information that we collect and maintain about you include:

  • Information we receive from you to open an account or provide investment advice or other services to you (such as your home address, social security number, telephone, financial information and investment objectives).
  • Information that we generate to service your account or from our transactions with you (such as account statements and other financial information).
  • Information on your transactions with nonaffiliated third parties.

We have established procedures so that the financial information we collect is accurate, current and complete. We are committed to work with you to promptly correct any inaccurate information.

Our selective sharing of information – In order for us to provide investment management and other services to you, we do disclose your personal information in very limited instances, which include:

  • Disclosures to nonaffiliated companies as permitted by law, including those who help us service your account (such as providing account information to brokers and custodians).
  • Other limited disclosures as permitted by law, for example, required reports to government entities.

We do not share your information with third parties for marketing purposes. We do not sell your information.

Former clients – If you end your relationship with us, we will continue to adhere to the privacy policies and practices described in this notice.


Important Information About Procedures For Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

We apologize for any inconvenience this may cause; however, federal law prohibits us from waiving these requirements.

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Do not send sensitive information over email. If you need to communicate sensitive information, please call us at 616.454.2852


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