Written notices that resemble junk mail or contain confusing language may be undermining a new privacy regulation that offers people the option of limiting the personal information their financial institutions provide to other companies, consumer advocates contend. The notices, which inform customers of their right to keep banks and other financial services firms from selling or passing along facts about their finances, have been arriving in the mail this spring - sometimes as separate mailings, sometimes along with monthly statements. To a lesser extent, it also gives customers the right to limit information sharing among affiliated companies.
Customers typically can opt out by calling a special number or by sending in a form or letter.
The law covers banks, credit unions, insurance companies and securities firms. It even extends to some retailers and auto dealers that collect and share personal information about customers for whom they have arranged or given credit. They're not required to come in a separate mailing. They very often come stuffed with account statements, multiple other advertisements or legal notices. People just throw them away.