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Non-Tech : The Discount Broker's Hall of Shame
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To: Mr.Manners who wrote (555)12/8/1999 2:51:00 PM
From: Sam Citron  Read Replies (1) of 594
 
Numerous problems with American Express brokerage:

(1) Untimely reporting of executions online. I waited over two hours before the fill was confirmed. You can get the execution over the phone if you are patient enough to hold the phone for a very long time.

(2) Each time you initiate a telephone conversation you are asked for your social security number, instead of some other password. It is not a comfortable feeling giving out a social security number on the phone to a complete stranger. Numerous consumer and privacy advocacy groups have warned of the dangers of doing so.

(3) When you open an account you are automatically giving Am Express permission to use the detailed financial info they collect from you for marketing purposes unless you:

(a) happen to notice the opt out instructions located in tiny type in the middle of a long paragraph of legalese; and

(b) bother to take the time to place a telephone call to exercise your right to opt out (which then leaves you without recourse if there is a glitch since there is no written record of your communication)

This kind of opt out policy is a flagrant abuse of most norms on the net today concerning privacy. Today's norms, endorsed by TrustE and others (1) strongly favor opt in rather than opt out before your information can be used for marketing purposes; (2) require that any notification regarding such policies are posted CONSPICUOUSLY. American Express' privacy policies are a contradiction of these norms of civilized online behavior.

Any comments?
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