The motto “Be prepared” is not just a precept of the Boy Scouts of America; “it is solid advice,” says the Federal Deposit Insurance Corporation, “for anyone trying to manage their money in a world full of opportunities ? and occasional hazards.”
Accordingly, the independent agency that insures the deposits of 8,743 financial services institutions in the country has issued ? along with a raft of other federal and consumer protection organizations ? special financial literacy materials (fdic.gov) in recognition of National Consumer Protection Week, Feb. 4-10.
The NCPW 2007 theme is “Read up and reach out: Be an informed consumer.” So FDIC dedicated its Winter 2006/2007 “Consumer News” to four major personal finance matters ? financial fitness, avoiding scams, protecting deposits, correct complaining ? and capped each section off with five pointers for each problem.
It also contains a section on frequently asked consumer questions of FDIC and another listing resources for more in-depth investigation.
For example, under correct complaining, the newsletter advises always first going to the offending institution ? with a well-thought-out complaint and a desired outcome ? for resolution; getting as much of the discussions onto dated documentation; remaining cool, calm and professional throughout; familiarizing oneself with critical appeal dates and requirements (a phone call over a disputed debit doesn’t always protect one?s rights); and being informed about the roles, jurisdictions and recourses that federal regulators have in disputed matters.
“It?s very important to act promptly and write legibly,” FDIC Senior Consumer Affairs Officer Janet Kincaid said of any money matter dispute. Kincaid stressed the need for the consumer to have a pre-formulated outcome scenario in mind before lodging a complaint.
“I certainly support the effort to get the word out through Consumer Protection Week efforts,” said Maryland Coalition for Financial Literacy Director Allen Cox, whose Towson-based organization ? mdfinancialskills.org ? promotes personal finance education in Maryland high schools. “However, I wish schools would do more with it than they are currently doing.”
Noting the welter of groups celebrating the special week, Cox singled out a Business Wire notice by the Capital One Financial Corporation (capitalone.com/financialeducation) that underscored the need for consumers to be savvy about credit card terms.
The notice advised consumers always to: Compare the boxed information on credit card documentation; seek out on-line sources for comparative credit card data; and never judge a credit card simply by its interest rate.
