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93 votes. |
Under a new law, banks, credit card companies, insurance companies, other financial institutions such as stock brokerage houses will be required to mail customers forms over the next several weeks that will inform of the amount of personal information those companies plan to share or sell with other companies. It's important to watch for these forms as some may look like junk mail. It's not junk - your privacy is at stake. Unless you take the time to open the envelope and place your signature on the form to "opt out", the notice informs you that the financial institution mailing the notice will share your personal and financial information with other companies and will profit from the sale of your info. In turn, those third-party companies will be able to share and/or sell your account info and other data. A recent story in USA Today warns consumers that many of these forms contain sentences with an average of 25-words, uncommon terms and double-negative wording. Although confusing, your signature is the key necessity on this form, which will prevent the sharing and/or sale of your personal and financial information. If you don't sign, these financial institutions can sell you down the river. It's important to watch for these forms as some may look like junk mail. It's not junk. Your privacy is at stake. Keep a close eye on forms stuffed in statements, bills and advertisement information from these institutions. |