What is the main purpose of the privacy policies and practices notice?

The primary goal of the privacy policies and practices notice is to inform consumers about how their personal financial information is collected, used, protected, and shared. This transparency is essential in building trust between financial institutions and consumers, ensuring that individuals are aware of their rights regarding their personal data. It often addresses how information is gathered, whether it's shared with third parties, the reasons for sharing, and the measures taken to keep the data secure.

This notice serves as an important legal requirement in many jurisdictions to safeguard consumer privacy. By being informed, consumers can make educated decisions about their financial relationships and take necessary actions to protect their personal information. In contrast, the other options focus on sales promotion, advertising, or outlining fees, which do not align with the fundamental purpose of privacy policies.