If Mary has closed her account with ABC Financial, what is the obligation regarding sending her a Privacy Notice?

When an individual, such as Mary, closes an account with a financial institution like ABC Financial, the obligation to send a Privacy Notice does not continue. The primary purpose of a Privacy Notice is to inform customers about the institution's practices regarding the collection, use, and sharing of their nonpublic personal information while they are active customers. Once a customer has closed their account, they are no longer an active customer, which means the institution is relieved of the obligation to send further Privacy Notices.

This practice is rooted in privacy laws, which typically require these notifications to active customers to ensure they remain informed about how their data is being handled. After the termination of the customer relationship, ongoing notification is not required unless the individual requests it, or unless there are specific legal obligations that necessitate communication regarding their personal information.

In this context, the other options do not align with the standard practices and legal requirements surrounding privacy notices for closed accounts. The lack of obligation following account closure is essential for understanding why Option B is the accurate choice.