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Dollars & Deals: Mutual Funds Really a National Security Matter?
Aired October 03, 2003 - 06:12 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now for some "Dollars & Deals" with our consumer guru Clark Howard. And this morning, are mutual funds really a matter of national security? Clark says lookout, big brother is watching.
(BEGIN VIDEOTAPE)
CLARK HOWARD, CONSUMER ADVOCATE: Today's question is from Bob. And, Bob, you are interested in opening a mutual fund account, but you have heard that the mutual fund company is going to run a background check on you, like you are a criminal or something.
Well guess what, that's true, it's part of Homeland Security. And what's going to happen under the Patriot Act is the mutual fund companies, starting later this fall, are going to have to run a background check on you to see if you are a hoodlum or a terrorist or something like that.
Now it's going to cost the mutual fund companies a fortune to do this for each person opening an account, about three or four times the cost for them traditionally of opening an account. And they are going to be prying around in your private life.
Now what happens if they decide they don't like what they find? They will send you your money back and tell you they don't want to do business with you. Most people are going to sail right through.
My concern, I don't like this invasion of privacy and I sure don't see how it's going to help with Homeland Security, but it's the law of the land and it is what you should expect.
(END VIDEOTAPE)
COSTELLO: Clark will be back next Friday with more "Dollars & Deals." You can e-mail us your consumer questions. Just visit our Web site, CNN.com/DAYBREAK. In the meantime, you can get Clark's money-saving tips on the Web. The address there, ClarkHoward.com.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
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Aired October 3, 2003 - 06:12 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time now for some "Dollars & Deals" with our consumer guru Clark Howard. And this morning, are mutual funds really a matter of national security? Clark says lookout, big brother is watching.
(BEGIN VIDEOTAPE)
CLARK HOWARD, CONSUMER ADVOCATE: Today's question is from Bob. And, Bob, you are interested in opening a mutual fund account, but you have heard that the mutual fund company is going to run a background check on you, like you are a criminal or something.
Well guess what, that's true, it's part of Homeland Security. And what's going to happen under the Patriot Act is the mutual fund companies, starting later this fall, are going to have to run a background check on you to see if you are a hoodlum or a terrorist or something like that.
Now it's going to cost the mutual fund companies a fortune to do this for each person opening an account, about three or four times the cost for them traditionally of opening an account. And they are going to be prying around in your private life.
Now what happens if they decide they don't like what they find? They will send you your money back and tell you they don't want to do business with you. Most people are going to sail right through.
My concern, I don't like this invasion of privacy and I sure don't see how it's going to help with Homeland Security, but it's the law of the land and it is what you should expect.
(END VIDEOTAPE)
COSTELLO: Clark will be back next Friday with more "Dollars & Deals." You can e-mail us your consumer questions. Just visit our Web site, CNN.com/DAYBREAK. In the meantime, you can get Clark's money-saving tips on the Web. The address there, ClarkHoward.com.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
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