Privacy of Information

PARAMA Credit Union Limited has taken great precautions to preserve the confidentiality and privacy of your relationship with PARAMA. Respect for preserving the confidentiality of the financial and personal information entrusted to us is an essential part of doing business with our Members and will not be compromised.

The Credit Union Code for the Protection of Personal Information, which is compliant with government legislation, has been fully adopted at PARAMA and incorporated into its day-to-day operations.

PARAMA may only collect information from you for the following purposes:

• To understand your needs and to develop, offer and manage products and services that meet those needs;
• To determine the suitability and your eligibility for products and services;
• To evaluate your credit standing and to share or exchange reports and information with reporting agencies;
• To detect and prevent fraud and to help safeguard the financial interests of PARAMA and its members;
• To meet legal and regulatory requirements.

Below is a summary of the 10 Privacy Principles of the Code for the protection of personal information:

1. Accountability – The Credit Union is responsible for personal information under its control and shall designate a Privacy Officer who is accountable for the Credit Union’s compliance with the principles of the Code.
2. Identifying Purposes – The purposes for which personal information is collected shall be identified by the Credit Union at or before the time the information is collected.
3. Consent – The knowledge and consent of the Member are required for the collection, use and disclosure of personal information, except when required by law.
4. Limiting Collection – The collection of personal information shall be limited to that which is necessary for the purposes identified by the Credit Union. Information shall be collected by fair and lawful means.
5. Limiting Use, Disclosure and Retention – Personal information shall not be used or disclosed for purposes other than those for which it was collected, except with the consent of the Member or as required by law. Personal information shall be retained only as long as necessary for the fulfillment of those purposes.
6. Accuracy – Personal information shall be as accurate, complete, and up-to-date as is necessary for the purposes for which it is being used.
7. Safeguards – Personal information shall be protected by security safeguards appropriate to the sensitivity of the information.
8. Openness – The Credit Union shall make readily available to Members specific, understandable information about its policies and practices relating to the management of personal information.
9. Individual Access – Upon request, a Member shall be informed of the existence, use, and disclosure of their personal information, and shall be given access to that information. A Member is entitled to question the accuracy and completeness of the information and have it amended as appropriate on proof of inaccuracy.
10. Challenging Compliance – A Member shall be able to question compliance with the above principles to the Privacy Officer accountable for the credit union’s compliance. The Credit Union shall have policies and procedures to respond to the Member’s questions and concerns.

As we have in the past, we will continue to use personal information solely for the purpose of serving your needs for the financial services which we make available to you. We are required to obtain your consent for the continued use of your personal information for the purposes described above. However in the event we do not obtain your consent in writing, we reserve the right to imply your consent for the specified purposes, until such time as you either provide further written consent, or limit or withdraw your consent.

To minimize risks from cybercrime, Parama Credit Union uses reCAPTCHA https://www.google.com/recaptcha, a third party service provided by Google, Inc. ("Google"). reCAPTCHA is an enhanced security feature that protects Parama's website and online banking services by verifying that users are human and not automated programs.  Use of reCAPTCHA is subject to Google Privacy Policy https://policies.google.com/privacy and Google Terms of Service https://policies.google.com/terms.

If you have any questions or concerns regarding any privacy issues, please contact our Privacy Officer at 1573 Bloor St. W., Toronto, Ontario, M6P 1A6.