Consumer advocates are getting questions and complaints about a flood of form letters sent out to nearly everyone with a bank account or a credit card.
Depending on what you do with the forms, financial companies may share your most private information with other companies without your knowledge.
News Specialist John Daley has more on a controversy that will effect just about all of us.
Under an obscure new law, banks, credit lenders and insurance companies will be allowed to share your personal financial data with each other. But, if you don't want that to happen, it's up to you to opt out by returning these forms.
The forms are long. They are complex. And they are easily mistaken for the many pieces of junk mail we get everyday.
But look out! Privacy notices being sent out by a variety of financial institutions are VERY important.
Under an obscure new law, only if you return the forms can you opt out of having your personal financial data shared among these companies. The state's consumer advocate says there's enormous confusion out there.
Francine Giani/Division of Consumer Protection: "THE FACT OF THE MATTER IS WE ALL OUGHT TO BE TAKING A CLOSER LOOK AT WHAT WE ARE GETTING IN THE MAIL FROM OUR BANKS, OUR CREDIT CARD COMPANIES, ANYONE THAT WE DO BUSINESS WITH, BECAUSE THEY ARE ASKING WHETHER WE WANT TO OPT OUT OF THE SELLING OR OUR NAME AND OUR INFORMATION TO THIRD PARTIES. WITHOUT DOING THAT, UNFORTUNATELY, YOUR NAME IS GOING TO BE SOLD."
Many consumers are amazed to find out it's up to them to stop financial services providers from trading their data.
The American Bankers Association took a recent survey. It found just 36 percent of those polled said they'd read their banks' privacy notices. 22 percent got the notice but didn't read it. 41 percent couldn't remember getting it all.
The head of Utah's Banker's Association says the forms actually help protect people's privacy. He says any confusion can be quickly cleared up.
Howard Headlee/President/Utah Bankers Association: "CALL YOUR BANK, ASK THEM WHAT THEIR PRIVACY POLICY IS, ASK THEM TO EXPLAIN IT TO YOU IN REAL TERMS, ASK THEM UNDER WHAT CONDITIONS MIGHT THEY SHARE YOUR INFORMATION."
A variety of privacy websites have sample letters to alert your financial institution if you don't want your info shared.
Francine Giani/Division of Consumer Protection: "I THINK UNLESS CONSUMERS GET AGGRESSIVE IN GETTING THAT KIND OF INFORMATION, I THINK THEY'RE GONNA SEE THAT THEIR NAMES ARE GOING TO BE SOLD AND THEY ARE GOING TO BE SOLICITED."
Another thing making this confusing is that each institution may have different ways of opting out of sharing your information with others. To be sure, write the institution directly or call them.
Also, check the internetm under privacy rights--there are many sites with good information.
