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NFS Agreement – Release of NFS Account Information

by builder1 builder1

If you are not an experienced investor or do not understand the investment process as it applies to national financial services, you may be unaware that there is a lot more to a trust relationship than meets the eye. As you might already know, NFS and your banker-dealer have an exclusive arrangement through which NFS offers clearing and related financial services for your investment account.

In fact, in exchange for the services you receive, NFS has to share its practices about the privacy of customer data with your banker-dealer. In this arrangement, a third party that you entrust with your bank account and all its money-making ventures are also given access to sensitive details about your bank and the accounts that you own. Because the information they have access to is private and confidential, they have to abide by very specific rules.

But don’t worry; this does not mean that your bank’s risk is eliminated. If they did not, they would not be able to offer you their high-quality advice.

For instance, if your NFS account goes bad or you default on your loan, your bank will have the right to contact the bank where your NFS account is registered. NFS will send a certified letter requesting that your account be closed. The bank has to do this within a set time-frame, such as ninety days. Your NFS representative will also inform you that this request is part of your NFS contract.

When the bank realizes that your NFS account is still open, they may decide to reopen it. If so, your NFS representative will inform you of the process for doing so. At that point, you will not have access to any further confidential information about your account except for what is included in the NFS agreement with your banker-dealer. Because your NFS contract includes an exemption clause that allows NFS to share information with another bank, this is allowed.

Because NFS only has to share personal information with the bank where your NFS account is registered, the bank will never have the ability to release this information to any third party, unless it is for the express purpose of serving you with legal proceedings. or investigating fraud. This is a very strong guarantee that the bank has no plans to sell any of your account information to anyone else.

NFS can also not share your credit information with any third party unless NFS was made aware of the incident at the time of reporting it to credit bureaus. It must notify you of such an event at least one business day before reporting it to the bureaus. Otherwise, it can share the information only if it is a matter of public interest.

Although banks can give NFS access to their confidential accounts and files in order to protect your NFS account from any type of unauthorized access, it is the responsibility of the NFS representative to determine when they can make such transfers. They also must give you an opportunity to review and make corrections, if necessary.

As an NFS client, you are entitled to receive notification from the Federal debt collection agency that holds your account. You have the right to review such notifications and dispute inaccurate information that you believe may be wrong. If you file a dispute, the agency may investigate the matter and issue a notice that will contain all the evidence it finds that supports its claims. In order to protect you from any potential legal action against you, NFS requests that you keep your identity confidential during the investigation process.

Your NFS agent can also help you in protecting your privacy rights by asking you to sign an NFS agreement release form that instructing NFS not to disclose any confidential information to any other individual, organization, or entity. Except as otherwise authorized in writing by the NFS agreement with your banker-dealer. If NFS receives legal action against you for a disclosure of your confidential NFS account or information, it may attempt to prevent such disclosure through a cease and desist order. issued by a state or federal court.

For example, if the NFS agent receives a court order from a state or federal court requiring NFS to release your NFS account information, you may receive a Cease and Desist Order from NFS to prevent any disclosure of your information. NFS will then return any information that has been disclosed to the court. If the order is violated, the NFS will seek an injunction against the third party that sent the Cease and Desist Order. In addition, the NFS will also have the right to hold you in contempt of court and have your case dismissed.

In addition, it is also possible for NFS to serve you with a legal action against you that seeks to restrain you from using NFS to obtain information about an individual or entity that is not named in the NFS agreement with your banker-dealer. NFS cannot do this to you. or to any third party. Although NFS cannot use any law or legal process to compel you to disclose confidential information, NFS may have the right to report you to the FBI.


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