OT: Anyone else had difficulty opting out of financial firm privacy policies?
Background article:
seattlep-i.nwsource.com
1. Fidelity did not know what I was talking about when I called. Took about 40 minutes on the phone. Finally, got to the right person. The fidelity privacy policy I read on its website is deadly. Bascially, if you don't opt out, Fidelity can spread your account info hither and yon. Probably won't for business reasons, but they can do so if they want to. Finally, was given confirmation numbers that I had opted out of that wicked privacy policy. I was suprised that Fidelity is so aggressive in wanting to be able to share my account information. Pleased that Fidelity at least eventually allowed me to opt out.
2. E-Trade tried to convince me I didn't need to opt out because they CURRENTLY share customer account information of only customers who signed up through target. Made that pitch by phone and by email. (Misleading since you need to opt out of the policy that permits E-trade share account info. You have no assurance that E-Trade will in the future continue to do what it CURRENTLY does.)
Deadline is 7/1. Seems like the banks/brokerages teed this up so that the consumer has to opt out. Made it very, very difficult to opt out. E.g., interesting that both parties must opt out for joint accounts or the information can be shared. The only surefire way to opt out may be to move your account, and I may need to do that from E-Trade.
Clearly, they set up Gramm-Leach-Bliley to make it difficult for customers to opt out, figuring that most will give up and then they can just share information. I am thinking of taking the approach that the brokerage/bank should send me a letter confirming that I have opted out or I will move the account. If the brokerages had to send out such letters (customer by customer, and account-by-account), it would turn their whole information grab attempt into a real burden for them.
Perhaps if they need to hire a boatload of people to deal with very mad customers by telephone, email, etc., that the financial institutions will change their policy. The best policy could be short: We won't give out your account information to anyone but the government or in response to a legal subpoena or document request. Haven't seen that privacy statement yet. Most say the opposite.
saukriver |
