U.S. banks are confusing consumers about their right to block personal financial data from being sold to marketers with notices laced with fine print and legal jargon, privacy advocates say.

        The privacy notices are “purposefully deceptive and designed to confuse consumers into not taking advantage of their rights,” said Ed Mierzwinski of U.S. Public Interest Research Group, a consumer advocacy group that lobbies for privacy legislation. “The banks don't speak English, and they do it on purpose.”

        But bankers say federal regulations demanded the language in the notices. Consumers have more choices of financial products, they say, when their personal data, such as addresses and phone numbers, account balances and trading history, are shared with insurers, brokerages and other providers.

        Sunday is the deadline for banks to notify customers of privacy policies. The notices are required to give the consumer an opportunity to deny permission to sell their personal information.

        Consumer groups have created a Web site at http://www.privacyrightsnow.org, where consumers who have discarded their privacy notices can complete a letter to send to their bank to deny permission for personal information to be sold to third parties.
       

ATM safety tips help avert crime

        Consumers using automated-teller machines have more to worry about than just rising fees at the cash machines.

        With more than 120,000 ATMs nationwide, there also is more potential for trouble from criminals lurking around the machines, according to a recent report by CardTrak, an online credit card firm.

        To avert such problems, one of the nation's largest ATM networks recently issued several safety tips including:

        • Always check your surroundings before using an ATM. If anything appear suspicious leave the area and go to another ATM.

        • Never permit a stranger to help you with an ATM transaction, even if you have trouble or your card is stuck.

        • Stand between the ATM and anyone waiting to use the ATM so no one can see your password code or transaction amount.

        • Always keep doors locked, windows closed and engine running when waiting to use a drive-up ATM.

        Visit the American Bankers Association's Web site at www.aba.com for other ATM safety tips.
       

Bankers say U.S. will avoid recession

        The United States will barely avoid a recession this year and pick up a faster pace of growth next year, a group of banking economists predict.

        The American Bankers Association's Economic Advisory Committee projected that the rate banks charge one another for loans could be cut twice more during the next six months should the Federal Reserve see any more signs of slowing.

        Lower borrowing costs and the recently enacted federal tax cut will help boost the economy. The tax cut will reinforce the monetary stimulus that is already built into the system by the Fed's actions this year.

        The advisory committee said other downside risks include energy prices, surges in business and household bankruptcies, lackluster capital spending, and layoffs, particularly in manufacturing.

        Jeff McKinney covers banking for the Enquirer. Have news? Call him at 768-8499, e-mail at jmckinney@enquirer.com or fax 564-6991.
       

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