What Does Bank of the James 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 account balances
- Overdraft history and checking account information
- Payment history and credit history
When you are no longer our customer, we continue to share your information as described in this notice.
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 Bank of the James chooses to share; and whether you can limit this sharing.
Does BOTJ Share?
- 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
- For our marketing purposes-To offer our products and services to you: Yes
- For joint marketing with other financial companies: Yes
- For our affiliates’ everyday business purposes-Information about your transactions and experiences: Yes
- For our affiliates’ everyday business purposes-Information about your creditworthiness: Yes
- For our affiliates to market to you: Yes
- For nonaffiliates to market to you: No
Can you limit 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: No
- For our marketing purposes-To offer our products and services to you: No
- For joint marketing with other financial companies: No
- For our affiliates’ everyday business purposes-Information about your transactions and experiences: No
- For our affiliates’ everyday business purposes-Information about your creditworthiness: Yes
- For our affiliates to market to you: Yes
- For nonaffiliates to market to you: We do not share
Bank of the James has taken reasonable measures to ensure that the information and data it presents on this website is accurate and current. However, Bank of the James makes no express or implied warranty regarding such information or data, which may have been provided by third parties. Bank of the James hereby expressly disclaims all legal liability and responsibility to persons or entities that use or access this site and its content, based on their reliance on any information or its data that is available through this website.
The content of this website is not designed or intended to provide authoritative financial accounting, investment, legal or other professional advice, which may be reasonably relied on by its readers. If expert assistance in this area is required, the services of a qualified professional should be sought.
Reference to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not constitute an endorsement, a recommendation, or a favoring by Bank of the James.
Our website provides links to other websites for convenience and informational purposes only. Users should be aware that all websites are not protected. Bank of the James is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites. Bank of the James is not responsible for any transmission received from a linked site.
This is protected website. It is unlawful to intentionally cause damage to it or data through the knowing transmission of any program, computer virus, information, code or command. This system and related equipment may be subject to monitoring.
The general disclaimer is in addition to any disclaimers Bank of the James may have in our general banking documents. The terms of this disclaimer extend to Bank of the James, its directors, officers, and employees.
Community Reinvestment Act Notice
Under the Federal Community Reinvestment Act (CRA), the Federal Reserve Board (Board) evaluates our record of helping to meet the credit needs of this community consistent with safe and sound operations. The Board also takes this record into account when deciding on certain applications submitted by us.
Your involvement is encouraged.
You are entitled to certain information about our operations and our performance under the CRA, including, for example, information about our branches, such as their locations and services provided at them; the public section of our most recent CRA Performance Evaluation, prepared by the Federal Reserve Bank of Richmond and comments received from the public relating to our performance in helping to meet community credit needs, as well as our responses to those comments. You may review this information today.
At least 30 days before the beginning of each quarter, the Federal Reserve System publishes a list of the banks that are scheduled for CRA Examination by the Federal Reserve Bank in that quarter. This list is available from the Officer in Charge of Supervision, Federal Reserve Bank of Richmond, 701 East Byrd Street, Richmond, Virginia 23219. You may send written comments about our performance in helping to meet the community credit needs to the CRA Administrator, Bank of the James, 828 Main Street, Lynchburg, Virginia 24504 and the Officer in Charge of Supervision, Federal Reserve Bank of Richmond, 701 East Byrd Street, Richmond, Virginia 23219. Your letter, together with any response by us, will be considered by the Board of Governors in evaluating our CRA Performance and may be made public.
You may ask to look at any comments received by the Federal Reserve Bank of Richmond. You may also request from the Federal Reserve Bank of Richmond an announcement of applications covered by the CRA filed with the Federal Reserve Bank of Richmond. We are an affiliate of Bank of the James Financial Group, Inc., a bank holding company. You may request an announcement of applications covered by the CRA filed by bank holding companies from the Officer in Charge of Supervision, Federal Reserve Bank of Richmond, 701 East Byrd Street, Richmond, Virginia 23219.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING OR CHANGING AN ACCOUNT WITH BANK OF THE JAMES
Section 326 of the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account or changes an existing account. This federal requirement applies to all new customers and current customers. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
What this means to you: when you open an account or change an existing account, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them. We will ask to see each person’s driver’s license and other identifying documents.
Check 21 Notice
In October 2003, the Check Clearing for the 21st Century Act became law.
Now known simply as Check 21, the legislation’s major objective is to improve the overall efficiency and security of the nation’s payments system.
American consumers and businesses write 40 billion checks annually. Today, most checks must be physically transported before they can be cleared. This is an expensive and time-consuming process. On October 28, 2004, banks and other financial institutions will have the option of creating, processing and exchanging digital pictures of checks rather than moving the original paper. Check 21 provides a new option: legal acceptance of paper reproductions of original checks. This reproduction is called a substitute check and is produced from a digital image of your original check.
What does check 21 do?
Since October 2004, every bank has been required to accept substitute checks, just as they accepted original paper checks. You may see these different electronic images on your account statement. A substitute check is the legal equivalent of the original check and will include all the information contained on the original. Check 21 includes several safeguards for check-writing consumers.
Check 21 helps speed check clearing, so check fraud can be discovered faster. Faster fraud detection means faster resolution for customers. Another safeguard is the bank that creates a substitute check must warrant that it is accurate. The bank also has to make sure that the substitute check is produced in accordance with industry standards for quality.
Electronic check conversion
You may already have experienced two other emerging payment practices, each an example of check conversion, which uses the automated clearinghouse, or ACH, system.
In the first example, a retailer converts the paper check into an electronic ACH payment on the spot. In this situation, if you’ve written a check for a purchase, you are handed the check back immediately after it’s converted into an electronic ACH payment at the store or shop.
In the second example, regular service providers for example (telephone bills, utilities, monthly investment contributions, etc.) convert your check payments into ACH payments. The check has been converted to an electronic format, and you don’t receive a copy of the original.
The payment will be reflected on your bank statement, which becomes the legally accepted proof of your payment. Keep in mind that both of these example transactions are different from Check 21 and substitute checks. The consumer rights associated with an ACH transaction are similar to those provided in Check 21.
All of these changes allow for faster payment processing and even better service to the nation’s banking system.
From our web pages, Bank of the James does not knowingly collect personal information from customers or individuals under the age of 13. For more information about the Children’s Privacy Protection Act (COPPA), please visit the Federal Trade Commission website: www.ftc.gov.
Fair Lending Statement
It is the policy of Bank of the James to comply with all fair lending laws and regulations, including the Equal Credit Opportunity Act (ECOA), the Home Mortgage Disclosure Act (HMDA), the Fair Credit Reporting Act (FCRA), and the Fair Housing Act and the Community Reinvestment Act (CRA). In addition, the Bank adheres to federal regulatory agency fair lending guidance as set forth in the Interagency Policy Statement on Discrimination in Lending.
Under the Equal Credit Opportunity Act (ECOA), it is illegal to discriminate in any credit transaction
- On the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to contract), applicant’s receipt of public assistance income, and/or the applicant’s exercise of any right under the Consumer Credit Protection Act
The Home Mortgage Disclosure Act (HMDA) was created to provide the public with the Bank’s loan data to assist in determining that the Bank is serving the housing needs of our community to ensure there are no possible discriminatory lending patterns.
Under the Fair Credit Reporting Act it is the Bank’s policy to prevent undue invasion of a consumer’s right to privacy in the process of collecting information and disseminating credit reports.
The Fair Housing Act ensures the Bank’s adherence to the provisions prohibiting discriminatory practices against applicants applying for real estate loans for the purchase, construction, improvement, repair or maintenance of a dwelling or loans secured by a dwelling.
The Community Reinvestment Act ensures that the Bank is meeting the credit needs of the communities, which it serves within its assessment area.
Beneficial Ownership Requirements Overview
All non-exempt business customers will be required, due to a regulatory requirement, to provide us with certain information on its Beneficial Owners, Controlling Person and Certifying Person.
This information must be provided on the Bank of the James Certification Beneficial Owner form before a new account can be opened, or a new service can be established, or otherwise in order to fulfill the bank’s request for such. Failure to complete this form when requested may result in the exiting/closing of your Bank of the James relationship.
What is this form?
To help the government fight financial crime, federal regulation requires certain financial institutions to obtain, verify, and record information about the beneficial owners of legal entity customers. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud, and other financial crimes. Requiring the disclosure of key individuals who ultimately own or control a legal entity (i.e., the beneficial owners) helps law enforcement investigate and prosecute these crimes.
Who has to complete this form?
This form must be completed and signed by the person authorized to open a new account or otherwise act on behalf of a legal entity (the Certifying Person*) with any of the following U.S. financial institutions:
- a bank or credit union
- a broker or dealer in securities
- a mutual fund
- futures commission merchant
- an introducing broker in commodities
For the purposes of this form, a legal entity includes a corporation, limited liability company, or other entity that is created by a filing of a public document with a Secretary of State or similar office, a general partnership, and any similar business entity formed in the United States or a foreign country. Legal entity does not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.
What information do I have to provide?
This form requires you to provide the name, primary residence address, date of birth and Social Security Number (as applicable) as well as the name of the issuer and number of the driver’s license or passport for the following individuals:
Beneficial Owner: Each individual, if any, who owns, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer (e.g., each natural person that owns 25 percent or more of the shares of a corporation) depending on bank instruction
Controlling Person: An individual with significant responsibility for managing the legal entity customer (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer)
- If these individuals are not present at account opening, a photocopy of the presented driver’s license or passport or other identifying document for each beneficial owner must also be provided.
- The number of individuals that satisfy this definition of “beneficial owner” may vary.
- Regardless of the number of individuals identified as beneficial owners, you must provide the identifying information of one individual identified as the “controlling person”.
- It is possible that in some circumstances the same individual might be identified as both. For example, you may have the President of Acme, Inc. who also holds a 30% equity interest.
*The Certifying Person, by signing the form, will attest to the completeness and accuracy of the populated information. The Certifying Person will also be required to provide on the form his/her full name, title and date of birth, along with id. Other information may be requested as part of the bank’s standard account opening/maintenance processes.
What types of businesses are potentially exempt from these new requirements?
Business clients who fall into one of the categories below are generally exempt from these requirements. However, the Certifying Person may still be required to sign the beneficial owner form to attest to the exemption.
- Sole Propreitorships
- Unincorporated Associations (such as scout troops or youth sport leagues)
- Regulated Domestic Financial Institutions, including their holding companies. A financial institution regulated by a federal functional regulator or a bank regulated by a state bank regulator.
- U.S. & U.S. state government entities. A department or agency of the United States, or any State or of any political subdivision of a State – e.g. U.S. Department of the Treasury; State of Georgia; City of Decatur.
- U.S. publicly traded companies and subsidiaries (51% owned or greater) thereof – publicly traded companies (listed at 31 CFR 1020.315(b) (2) through (4)). U.S. publicly traded companies and subsidiaries that are majority owned by these publicly traded companies, e.g. Alphabet Inc. and its wholly owned subsidiary Google Inc.
- Securities and Exchange Commission (SEC) registered issuers of securities. An issuer of a class of securities registered under section 12 of the Securities Exchange Act of 1934 or that is required to file reports under section 15(d) of that Act.
- Exchanges and clearing agencies – as defined in section 3 of the Securities Exchange Act of 1934, that is registered under section 6 or 17A of that Act e.g. NY SE, NASDAQ.
- Securities and Exchange Commission (SEC) registered investment companies – as defined in Section 3 of the Investment Company Act of 1940 that is registered with the SEC under that Act.
- Securities and Exchange Commission (SEC) registered investment advisers – as defined in section 202(a) (11) of the Investment Advisers Act of 1940 that is registered with the SEC under that Act.
- CFTC-registered entities. A registered entity, commodity pool operator, commodity trading advisor, retail foreign exchange dealer, swap dealer, or major swap participant, each as defined in section 1a of the Commodity Exchange Act that is registered with the CFTC.
- Registered Public accounting firms registered under section 102 of the Sarbanes–Oxley Act. g., Deloitte, Ernst & Young.
- Trusts (non-statutory business trust). The exclusion would generally cover non-statutory, i.e., created by contract, trusts. E.g. Irrevocable trusts, generation skipping trusts, life insurance trusts; etc.
- US State registered insurance companies – g. State Farm; Geico; Cigna.
- Entity registered with the SEC – entity registered with the SEC under the Securities and Exchange Act of 1934.
- Financial Market Utility – A financial market utility designated by the Financial Stability Oversight Council under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
- Non-US government agency engaged in US government activities only (non-commercial),g. Federal Reserve Board.
- Pooled investment vehicle operated or advised by a regulated domestic financial institution
- Any legal entity whose sole relationship with Bank of the James is to finance insurance premiums and for which payments are remitted directly by Bank of the James to the insurance provider or broker, without possibility of cash refund. Limited to clients of (a Bank of the James subsidiary) – those that have no other relationship with Bank of the James.
- Any legal entity whose sole relationship with Bank of the James is to finance the purchase or leasing of equipment and for which payments are remitted directly by the financial institution to the vendor or lessor of this equipment, without possibility of cash refund. Limited to clients of Bank of the James Leasing – those that have no other relationship with Bank of the James.
- Pooled investment vehicle NOT operated or advised by a regulated domestic financial institution
- Charities and nonprofit entities. (Only exempt from ownership prong, must have control prong)
For more information related to this new regulatory requirement, you may contact your banking representative or refer to the following: https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-10567.pdf