FTC Hears Debate About Whether Privacy Polices Can Work
The Daily Online Examiner
You might not expect consumer advocates to laud a major bank these days, but Chase has done at least one thing that privacy expert Chris Hoofnagle finds praiseworthy: The company came up with a clear way to inform checking account customers that they will lose their overdraft protection unless they opt in.
Speaking at the Federal Trade Commission's roundtable discussion about online privacy, Hoofnagle, a lecturer at the UC Berkeley law school, noted that Chase's document includes passages in red ink that tell consumers in no uncertain terms that debit card transactions will be denied if they don't have money in their account, unless they sign up for overdraft protection.
"We don't see privacy notices that say anything that clearly or that urgently," Hoofnagle said.