We must make a reasonable effort to obtain the name and contact information of a “trusted contact” for your account. Here are some frequently asked questions.
What is a trusted contact? Who should have one?
A trusted contact is intended to be a resource for CrowdStreet to contact in limited circumstances, such as if there is a concern about activity in your account and we have been unable to get in touch with you.
A trusted contact may be a family member, attorney, accountant, or another third-party who you believe would respect your privacy and know how to handle the responsibility. You may establish more than one trusted contact.
CrowdStreet suggests that anyone who has an Investing Account designate a trusted contact.
Why would you add a trusted contact to your account? How would having a trusted contact help you?
Having one or more trusted contacts provides an additional layer of care to your account and helps put CrowdStreet in a position to help, should the need arise. Maybe you are traveling; maybe you have been displaced by a natural disaster; maybe there is a concern about fraud; maybe you are having a health issue. Whatever the reason, a trusted contact can help CrowdStreet connect with you.
A trusted contact may help you because they may be asked to confirm your current contact information, health status, or the identity of any legal guardian, executor, trustee or holder of a power of attorney. CrowdStreet is required to provide a written disclosure that lays out these details and must make a reasonable effort to obtain the name of and contact information for a trusted contact both at the time of opening your account and when routinely updating your account information.
What can a trusted contact do? What authority does a trusted contact have on your account?
Designating a person as a trusted contact does not provide them with the authority to make transactions in your account and does not make that person a power of attorney, legal guardian, trustee, or executor. By providing a trusted contact person, you are allowing CrowdStreet and its employees to use their discretion to contact the trusted contact person and disclose information about you and your account in order to:
- Address concerns that you might be a victim of financial exploitation which could include fraud, coercion, or unauthorized transactions;
- Address a temporary hold on a disbursement of funds or securities pertaining to possible financial exploitation or other concerns;
- Confirm your current contact information;
- Confirm and address your whereabouts and health status, and/or
- Confirm the identity of any legal guardian, executor, trustee, holder of a power or attorney, or other person who may be acting on your behalf (such as an attorney or accountant);
- Or as otherwise permitted.
By designating a trusted contact, you are authorizing CrowdStreet to contact someone you trust and disclose information about your account only in limited circumstances, such as described above. CrowdStreet may only disclose reasonable categories of information with a trusted contact, including information that will assist CrowdStreet in administering the customer’s account.
Unless separately authorized, a trusted contact:
- Cannot make trades in your account.
- Cannot make decisions about your account.
A trusted contact is simply someone who can help CrowdStreet help you, if needed.