Revised February 7, 2022
Parapet Technologies, Inc. (“Parapet”) provides products and services to condominium and cooperative communities and their shareholders. Payments are made through Stearns Bank, NA and Parapet is not a money transmitter. We understand that by using Parapet, you place your trust in us to handle your data and personal information appropriately, including your personal information and the personal information of individuals affiliated with your community, such as your community’s employees, contractors, or shareholders.
We want to make sure that you have all the information necessary about how we process—a fancy way of collectively saying use, collect, transmit, store, share, and erase—personal information, which does not include anonymized or aggregated data, so you can make an informed decision about how you want to interact with our products and services.
We know that you may have questions about how we process your personal information, so we have laid out how we process personal information about you. We’re always open to inquiries and suggestions on how we can improve; please reach out to our Privacy Team a [email protected]
Table of Contents
1. Personal Information We Process and How We Process It
The personal information we process depends on the products you use and how you access them. We process information when you directly interact with Parapet in the following ways:
Information We Process When You Use Our Products and Services
Information needed to create a Parapet Account
If you are opening a Parapet account, we need to process a certain amount of preliminary information about you, your community, and individuals associated with your community to create a Parapet account. When you apply for a Parapet account, we may process:
Information processed when you make a transaction
Each time you make a payment using Parapet’s payment products, we receive information about your ACH transaction. We may receive this information directly from you or from our financial partners (including Productfy, Inc. and Stearns Bank, N.A.) We may process:
Information automatically processed when you visit our websites
We process personal information automatically when you visit our website to make our services work, to prevent fraud and enhance security, to understand your preferences, and to tailor services to you for the best possible experience. We may process:
Browser and device information.
Information about your use of our website or mobile app.
You can block these at any time using your web browser settings, but doing so may limit browsing experience and your ability to use certain features of our services.
Information processed when you interact with Parapet teams
We may process personal information about you when you call, chat, email, or interact with members of Parapet teams, including:
Information processed when you join a webinar or event
We may process personal information about you when you join Parapet at an event in person or online via a webinar. We may collect this information directly or obtain it from a third-party service provider. We may process:
Information processed when you enter into a sweepstakes, contest, or other promotion
We may process personal information when you enter a sweepstakes, contest, or promotion to administer those programs, including:
Information Processed from Our Business Partners and Service Providers
We process personal information we receive from financial partners, identity verification services, and other third-party service providers, and information you share with us about your use of their products and services:
Information necessary to comply with regulatory and legal requirements
When you open a Parapet account as a company owner or an administrator on behalf of a company or community, or you provide information of an individual with an ownership interest in a company, we process personal information we receive from identity verification services and other third-party service providers that we must keep to comply with the law, including:
Information processed to integrate third-party products and services with your Parapet account
When you choose to link your Parapet account with products and services provided by our business partners, we process personal information we receive from them to ensure our products and services work properly together.
To provide you with a real-time view of your community’s finances, we allow you to give us information about your community’s finances and access to your company’s bank account. We use third-party service providers to process information about your company’s bank account activity. When you link your bank account, we may process the bank account credentials and all information associated with the bank accounts associated with those credentials, including:
If you do not link your bank directly, we process information you provide with copies of your bank statements and other financial information about your company.
To link your bank account with your Parapet account, a third-party service provider may use and store your bank account credentials. We do not store your bank account credentials on Parapet systems.
Information processed to conduct fraud monitoring, prevention, and detection
We process personal information from our business partners, financial service providers, credit reporting agencies, identity verification services, public sources, and other third parties to prevent fraud.
Information processed as a result of a business partnership, referral, or agreement
We enter into agreements with financial partners and other businesses that provide products and services related to ours, and as a result of these partnerships, Parapet may receive personal information related to that particular relationship or partnership. We may process information about:
2. How We Use Personal Information
We process your personal information for the reasons stated specifically in this policy, but we may also process personal information about you to:
Operate our business and provide tailored services to you.
Provide you with support.
3. How We Share Personal Information
Sharing for business purposes only
No sale of personal information
We do not and will not sell or allow our service providers to process your personal information for their own use without your express consent, unless the processing of that information is either required by law or we determine that disclosure is reasonably necessary to enforce our rights, protect our property or operations, or enforce the rights and protect the property or operations of our business partners and customers.
Anonymous or aggregated information
We may share anonymized or aggregated information, or other data that does not directly identify you or your company, with third parties.
We share your personal information with our service providers that operate and provide services on our behalf. These service providers need access to your personal information to perform information processing, manage or enhance our customer information, tailor services to you and your preferences, and perform other services related to our business. We work with our service providers to make sure that they do not sell the personal information that we share with them.
Partnerships and referrals. We share personal information to facilitate referral partnerships. For example, if you were referred to us through an organization we may provide confirmation to that organization that your company opened a Parapet account with us, and information relating to your Parapet account activity solely for the purpose of calculating any referral fees we owe related to the referral.
Sharing authorized by you, your users, or authorized representatives
Compliance and compelled disclosure
We may share personal information:
4. Where We Store Personal Information
If you ask us to delete specific personal information (see “Your Choices About Your Personal Information” below), we will honor your request unless deleting the information prevents us from billing for our products and services, calculating taxes, conducting required audits, or carrying out other legitimate business functions, or we are required by law or contractual obligation to keep that information.
5. Other Important Information About Your Personal Information
We use organizational, technical, and administrative measures to protect personal information; however, no data security program is entirely secure. Please contact us at [email protected] immediately if you believe that your personal information or any other confidential information that you have provided to us is no longer secure or has been lost or stolen. If we confirm that there has been a breach of personal information or confidential data related to you, we will notify you.
Use by minors
If you are under the age of 18, you may not have a Parapet account or use our products or services. We do not knowingly process any information from, or direct any of our products or services to children under the age of 18. Please do not provide us with any personal information related to children under the age of 18.
Personal information related to administrators, employees, company owners, and authorized persons or representatives
Parapet account users
Our products and services are intended for use only by condominium and cooperative communities, and you may only use a Parapet account if you are shareholder or other authorized representative of a company that has opened or is in the process of opening a Parapet account.
6. Your Choices About Your Personal Information
You may choose not to receive promotional emails from us by following the unsubscribe/opt-out instructions in those emails, but we may still send you non-promotional messages relating to material or transactional information about our products and services such as updates to our platform agreement, privacy notices, security alerts, and other notices relating to your access to or use of our products and services.
Deletion or closure of a Parapet account
Closure or deletion of your company’s Parapet account will mean that you permanently lose access to the personal information and data associated with the Parapet account. Certain personal information or de-identified information associated with your community’s Parapet account may nonetheless remain on systems owned or maintained by Parapet where required to comply with the law, our contractual obligations, or carrying out legitimate business functions.
If you are a California resident, you have certain rights over the information that we have about you. You can:
Exercising your choices
To exercise your choices about your personal information, please contact our [email protected] We will need to verify your relationship to the Parapet account and verify your identity. Verification will require that you verify your email and phone number and provide a copy of a government issued ID to us. We may take additional steps to verify that you are authorized to make the request. We will not discriminate against you for exercising any of your rights.
Sale of personal information (“Do Not Sell My Personal Information”). We do not sell your personal information.
9. Contacting Us
If you have concerns, questions, or would just like to better understand our privacy practices at Parapet, please send an email to [email protected] or if you prefer to contact us by mail, please write Parapet Technologies, Inc.., Attn: Legal, 68 3rd Street #34, Brooklyn, NY 11231.
10. Previous Privacy Policies