If we take the banking law in the United States, it is called the Gramm-Leach-Blily Act, or GLBA , also known as the Financial Services Modernization Act of 1999. This was enacted by Congress in 2001. It gives power to financial institutions to conduct business in many important methods.
More prominently to consumers, there is a section devoted to the privacy of banking customers, including internet banking customers.
Your personal information would include any information that can be identified as your particular information. It could be your name, address, social security number, internet banking transactions you have made in your name, and other information. It could also be any information that can be guessed by having some of this information.
If you opt-out, you are saying to the company that you do not want your information to be shared with other companies that are not affiliated with the bank. Under GLBA of USA, internet banking services still have the option of sharing your information with affiliates and Marketing partners, but they should inform you that they are doing so.
Another problem is that some internet banking companies have made it very difficult to opt-out of having their information shared with unrelated businesses. It should be the easiest with online banking. Certainly some internet banking companies have online forms to fill out so that you can be finished with it in short order.
Nevertheless, some internet banking sites make it nearly impossible to opt-out. They make you go to service phone number, or write for a mail-in form, or they may not have opt-out at all. These are in the minority, but you should watch for them when comparing online banks.
This information is for Learning purposes only. We are indeed not financial/legal mentors. It should not be considered legal or financial advice. You should consult with a financial/legal advisor or other professional to find out what may be the optimum for your individual needs.
Please do your own research.