Momentum Credit Union is subject to the Personal Information Protection and Electronic Documents Act (PIPED Act). To comply with the act your credit union has adopted the Credit Union Code of Protection of Personal Information (the Code).
What is Personal Information?
Momentum obtains information from you directly, when you obtain a product from the credit union and, with your permission, from credit bureaus, other financial institutions and references. This information can include your name, address, age, income, use of accounts and credit history and the relationship of others linked to you in account services.
What does this mean to you?
Momentum has always maintained a high level of confidentiality. We collect only the information required to provide you with the products and services you request; to meet legal and regulatory requirements and for analytical purposes that assist the credit union in managing our activities.
How we presently share information
Momentum provides information to third parties only when required for you to purchase the service or product offered by the third party; for legal requirements such as T5s; and for the purpose of conducting audits or verifications of information. Momentum does not sell, lease or disclose any lists of information, personal or otherwise, to any party for any reason except our auditor and regulatory bodies when required.
What are you rights?
Members have the right to see what information momentum holds, to correct information and the right to change the way momentum uses the information. However, changing the way momentum uses your information will limit the services that momentum can provide to you. Momentum has appointed a Privacy Officer to ensure compliance with the Code and the regulations. If you have any comments, inquiries or complaints about the handling of personal information we encourage you to contact Craig Lockley, Privacy Officer, at 905-529-9445, X5008 or by emailing clockley@MomentumCU.ca with the subject of Privacy Issue.
Summary of the 10 Principles of the Credit Union Code for Protection of Personal Information:
Accountability – Momentum has designated a Privacy Officer who is accountable for our compliance with the principles of the Code.
Identifying Purposes – Before or at the time we ask you for personal information, momentum will identify the purposes for which it will be used or disclosed.
Consent – Momentum requires your knowledge and consent for the collection, use or disclosure of personal information.
Limiting Collection – The collection of personal information is limited to only the purposes momentum has identified to you.
Limiting Use, Disclosure, and Retention – Momentum will only use or disclose your personal information with your consent (or as required by law). And momentum will only retain your information as long as necessary to fulfill identified purposes.
Accuracy – Momentum will keep your information accurate, complete and up-to-date.
Safeguards – Momentum will protect your personal information with appropriate security safeguards.
Openness – Momentum will make specific, understandable information readily available to you about our personal information policies and practices.
Individual Access – When you request it, momentum will give you access to the existence, use and disclosure of your information. You are entitled to question its accuracy and completeness, and its uses.
Challenging Compliance Access – You are entitled to question the Privacy Officer about momentum’s compliance with any of these principles. The complete text of the Code is available from the Privacy Officer.