Privacy Policy

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Last revision: April 26, 2023

1. Introduction

Bits of Stock provides an investing and rewards platform through its website and mobile applications (collectively, the "Platform"). At Bits of Stock, the privacy and security of our customers and visitors are of paramount importance. This privacy policy ("Privacy Policy") explains how Bits of Stock collects, uses, shares, and protects information that identifies or relates to an individual ("Personal Information") through the use of our Platform.

For the purposes of this Privacy Policy:

  • "User" means an individual who has established a relationship with Bits of Stock by opening an account on our Platform

  • "Visitor" means an individual who visits our website without establishing an account

  • "Financial Institution Partner" means any bank, credit union, or other financial institution that has partnered with Bits of Stock to provide access to the Platform

- "Platform" means our website, mobile applications, and services provided through our Financial Institution Partners' digital banking platforms

All information stored on our Platform is treated as confidential. We implement and maintain appropriate technical, security, and organizational measures to protect Personal Information against unauthorized processing, access, or disclosure.

Notice to California Residents: This Privacy Policy describes rights provided under the California Consumer Privacy Act ("CCPA"). If you are a California resident, please refer to the "Additional Information for California Residents" section below for more information about your specific rights.

2. Collection and use of personal information

Bits of Stock collects Personal Information in connection with providing the Platform and related services to Users. "Personal Information" means information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular User or device.

In connection with providing the Platform, Bits of Stock collects Personal Information including account information (such as name, date of birth, Social Security number, contact information), financial information (such as bank account information, credit and debit card numbers, transaction history, investment preferences, rewards earned, and securities holdings), and Platform usage information (such as device identifiers, IP addresses, log data, browser information, and usage data). Such information may be collected directly from Users or through Financial Institution Partners with User authorization.

Bits of Stock uses Personal Information collected through the Platform to operate, maintain, and provide the features and functionality of the Platform, including processing transactions, executing investment instructions, calculating and distributing rewards, maintaining User accounts, and communicating with Users regarding their accounts. Personal Information is also used to verify User identity, detect and prevent fraud, improve Platform functionality, debug technical issues, analyze usage patterns, and maintain Platform security.

Bits of Stock may also use Personal Information as necessary to comply with applicable laws, regulations, legal processes, or governmental requests, including maintaining required records and fulfilling reporting obligations. 

3. Sharing of personal information

Bits of Stock shares Personal Information with third parties as necessary to provide the Platform and related services. We may share Personal Information with the following categories of third parties:

Financial Institution Partners. We share Personal Information with Financial Institution Partners as necessary to facilitate Platform access, process transactions, and provide rewards services. When Users access our Platform through a Financial Institution Partner, that partner may receive information about Platform usage and rewards earned.

Service Providers. We engage third-party service providers to assist in providing and improving the Platform. These service providers include hosting providers, customer support services, identity verification services, and analytics providers. Our service providers may access and use Personal Information only as directed by Bits of Stock and subject to contractual confidentiality obligations.

Clearing and Trading Partners. To facilitate securities transactions and maintain investment accounts, we share necessary Personal Information with our clearing firm, Velox Clearing LLC, and other trading partners as required to execute transactions and maintain User accounts.

Legal and Regulatory Authorities. We may share Personal Information with law enforcement, regulatory authorities, or other third parties as required by law, regulation, subpoena, or court order, or if we reasonably believe such disclosure is necessary to protect our rights, the rights of our Users, or the rights of others.

Business Transfers. If Bits of Stock engages in a merger, acquisition, reorganization, bankruptcy, or sale of some or all of its assets, Personal Information may be transferred or disclosed as part of such transaction. Users will be notified via email and/or a prominent notice on our Platform of any change in ownership or material changes in the use of their Personal Information.

4. Cookies and other technologies

Bits of Stock and its service providers use cookies, web beacons, and similar tracking technologies to collect information about Platform usage and to improve User experience. These technologies collect information about how Users interact with our Platform, including pages visited, features used, and time spent on the Platform.

We use essential cookies and similar technologies that are necessary for Platform operation, security, and account authentication. We also use analytics technologies to understand Platform usage patterns and improve our services. Our service providers may have access to this information solely to provide these analytics services to Bits of Stock.

A User's web browser may offer settings to control or delete cookies. However, disabling certain cookies may limit Platform functionality or prevent access to certain features. More information about our use of these technologies is available by contacting us at help@bitsofstock.com.

Information collected through these technologies may be combined with Personal Information collected by Bits of Stock as described in this Privacy Policy. We do not respond to "do not track" signals from web browsers as there is no consistent industry standard for compliance.

5. Data security and retention

Bits of Stock implements and maintains a comprehensive information security program to protect Personal Information. Our program employs industry-standard administrative, technical, and physical safeguards, including Advanced Encryption Standard (AES) encryption for data in transit and at rest, secure access controls and authentication mechanisms, and secure data centers with redundant systems and regular backups. We conduct regular vulnerability scanning and penetration testing of our systems to ensure continued effectiveness of our security measures.

We carefully select and monitor our service providers, requiring them to meet our security standards through contractual requirements, confidentiality agreements, and regular security assessments. Our vendor management program ensures that all third parties who process Personal Information maintain appropriate technical and organizational safeguards.

In the event of a security incident, we maintain documented procedures for prompt detection, assessment, and response. Our incident response plan includes procedures for notifying affected parties, coordinating with relevant authorities, and implementing measures to prevent future incidents. We regularly test and update these procedures to ensure their effectiveness.

We retain Personal Information only for as long as necessary to fulfill the purposes outlined in this Privacy Policy, comply with legal and regulatory requirements, support legitimate business operations, resolve disputes, and enforce our agreements. When Personal Information is no longer needed, it is either securely deleted or anonymized according to our documented data deletion procedures. In the event of account closure, we may retain certain information as required by law or for legitimate business purposes. We regularly review our retention practices to ensure compliance with applicable laws and regulations.

6. Your Rights and Choices

Bits of Stock respects your rights regarding your Personal Information. You have certain rights to access, correct, or delete Personal Information we maintain about you. You may contact us at help@bitsofstock.com to request access to, correction of, or deletion of your Personal Information. 

When you make a request regarding your Personal Information, we will verify your identity using established procedures to ensure security. We will respond to your request within a reasonable timeframe, typically within 45 days. If we require additional time, we will notify you of the reason and extension period.

We may limit or deny requests that are unreasonably repetitive, require disproportionate technical effort, risk the privacy of others, or would be extremely impractical. Where we cannot fulfill your request, we will explain the reasons and any available alternatives.

For certain subscription features or third-party services accessed through our Platform, you may need to update your preferences directly with those providers. While we can process requests related to information we control, we may need to direct you to your Financial Institution Partner for information they maintain.

7. Children's privacy

Bits of Stock provides financial services that are intended for individuals who are at least 18 years of age. We do not knowingly collect Personal Information from individuals under 18 years of age. Any person who provides Personal Information through our Platform represents that they are 18 years of age or older.

If we become aware that we have inadvertently collected Personal Information from an individual under the age of 18, we will take steps to delete such information from our records. Parents or legal guardians who believe that a child under 18 has submitted Personal Information to us should contact us at help@bitsofstock.com.

For custodial accounts opened and managed by parents or legal guardians through our Financial Institution Partners, all communications and account management must be conducted by the adult custodian of the account. The use of and access to such accounts is governed by our Investment Advisory Agreement and the applicable Financial Institution Partner's requirements.

8. Changes to this privacy policy

We may update this Privacy Policy from time to time to reflect changes in our practices, technology, legal requirements, and other factors. When we make changes to this Privacy Policy, we will revise the "Last Updated" date at the top of this policy. If we make material changes to the way we treat Personal Information, we will notify you through our Platform, by email, or through other reasonable means before the changes become effective.

Your continued use of our Platform after any change to this Privacy Policy will indicate your acceptance of the revised Privacy Policy. If you do not agree with the changes, you must stop using our Platform and terminate your relationship with us in accordance with the applicable agreements. We encourage you to review our Privacy Policy whenever you interact with us to stay informed about our information practices and your choices.

This Privacy Policy is part of and incorporated into our General Terms & Conditions. If you have questions about our Privacy Policy or our privacy practices, please contact us at help@bitsofstock.com.

9. Additional information for california residents

For residents of the State of California, this section supplements and supersedes any conflicting provisions in our Privacy Policy. Under the California Consumer Privacy Act (CCPA) and California Privacy Rights Act (CPRA), California residents have additional rights regarding their Personal Information.

California residents have the right to: (1) request disclosure of the Personal Information we collect, use, and disclose about them; (2) request deletion of their Personal Information, subject to certain exceptions; (3) correct inaccurate Personal Information we maintain about them; and (4) opt-out of the sharing of their Personal Information for certain purposes.

We will not discriminate against California residents for exercising their privacy rights. We may, however, provide different levels of functionality or service where the difference is reasonably related to the value of the Personal Information we receive.

To exercise your California privacy rights, please contact us at help@bitsofstock.com. You may designate an authorized agent to make requests on your behalf. We will verify your identity or your agent's authorization before responding to your requests. We aim to respond to privacy rights requests within 45 days. If we require additional time, we will notify you of the extension period (up to 90 days) and the reason for the extension.

For detailed information about our data practices during the past 12 months, including the categories of Personal Information we collect, our purposes for collection, and how we disclose this information, please review Sections 2 and 3 of this Privacy Policy.