SmartMoney Magazine's February cover story, "Attack of the Fine Print," by Missy Sullivan, has generated dozens of comments from readers since being published on Saturday. Below is sampling from SmartMoney.com and wsj.com, where the story first ran.
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Really enjoyed your article on Fine Print and agree the average consumer is usually just out of luck except when you play by their rules
A couple of years ago I had a disagreement with Paypal over $500 they sent me that, unknown to me, was a result of someone using a stolen credit card.
They wanted the money back because I did not follow the rules outlined in the fine print that I had unknowingly agreed to by clicking on the acceptance button when I signed up for with their web site. To make a long story short after much negotiation I agreed to split the difference and return 50% of the money, which they refused again based on the fine print. When things got heated and I received several phone calls from bill collectors I decided to send them a check for the half I had agreed to but they would not accept. Here comes the good part, on the back of the check I placed a restrictive endorsement in 6 pt type which essentially said if they cashed the check they agreed to accept the check as full settlement for the money they said was owed that I disputed. They cashed the check.
After several more calls from bill collectors who dropped the case when they heard what I had done, I finally got a call from one of their VP's who upon hearing the details also dropped the case.
I thought it only ironic that I got them using the same tactic, fine print that no one reads, that they used on me to settle things in my favor.
Thought you would enjoy hearing my story.
-- Roy Robinson
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Dear Ms. Sullivan;
Many years ago (at the dawn of mouse print, ca. 1984) a friend of mine succinctly defined the problem. He said, "What the bold print giveth, the fine print taketh away." I keep my dad's 80 year old magnifying glass handy on my desk so that I can read some of that stuff. At least, I try, up to the point where I go cross-eyed from the strain.
Here's another thought on the fine print: I believe that each sentence & paragraph is designed to avoid, or respond to, a potential lawsuit? It's like the warning labels on a ladder. (My favorite ladder warning label states: "Do not leave ladder on a pile of frozen manure in winter." It seems that a farmer did just that, left the ladder out all winter, and tried to use it in the spring after the thaw, fell off, and, ... well, you can guess the rest of the story. The paint tray also has one: "Not a step." Well, we must protect ourselves from folks who will use it as such, fall, and sue.)
I have 2 mortgage documents in my home. One from my grand parents time (1928) and one from my last mortgage (2004). The first is 1 page long (letter). The other is 36 pages long (legal). The first had 3 signatures: one from the lender and two from my grand parents. The second also had 3 signatures on the last page & 2 signatures on the other 25 pages. (And one page had the gall to state that I was to acknowledge that this was an "easy reading" mortgage form!)
PS. I'm working on an iPad bombsite app for B2 bombers. It should be a real blast. I can't wait to test it out! (My dad's friend didn't have an iPad on his mission over Nagasaki. His bombardier had to look out the window & use one of those quaint old analog devices.)
Enjoy,
-- David Ecale
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Thanks for the article Missy. What you say has lots of truth to it. Did I overlook it or did you miss what I think is the most obvious reason we tend to.overlook fine print: THERE IS NOTHING WE CAN DO ABOUT IT. I.e., unless youy carry a cadre of attorneys, you have zero clout to not sign if you want the good/service. And competitors don't compete on accepting more risks. Once one co in the industry adapts certain clauses. They all do.
Thanks!Richard Martinez
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Dear Sir:
Re: "ATTACK OF THE 6.5-POINT TYPEFACE"
February 2012 issue, Page 57
Thank you very much for the informative article on "fine" or even smaller type faces appearing in contracts and advertisements.
Your article adds credence to the old saying:
"WHATEVER THE BIG PRINT GIVETH, THE SMALL PRINT TAKETH AWAY".
-- Wendell Cockrell
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I really had to laugh at the article about the increase in "fine print," in the WSJ Sunday supplement in my local paper. Oh, not at the fine content of the article, but that the story, and in fact the entire WSJ Sunday is printed in smaller type than the paper it came in! (And I suspect smaller type than the regular WSJ.) Maybe it should be delivered with magnifying glasses!
-- Bill Stoller
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Adding to your comments of unreadability, I would suggest as well that Boomers, like myself, find it a real chore to read magazines, books and newspapers that continue to express themselves in Times Roman, when I can get on the Internet and read the WSJ, NYT, Smart Money, Forbes, Time, Newsweek, etc., etc.. with a clarity that is restful to the eyes.
To prove my point, I can actually read an article at a faster rate with an 8-font Ariel than any traditional medium. As an example, even though the "Medicare and You" book has a mandatory 12-font, the Times Roman comprises the intent to convey information more clearly for its members.
In summary, the first paper edition that follows my advice, will see an immediate improved readership.
P.S. Note how advertisers, bill collectors and comic strips always use the format that I suggest!
-- Robert Crowley
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I love the ending quote: 'DavidHirsch, CEO of Transparency Labs, says he was shocked when the first $100 he put into his young kids' savings accounts was quickly reduced to zero by fees.'
This reminds me of William Black's book 'The Best way to rob a bank is to own one'. Most people think that putting their money into a bank helps protect it, but what they forget is that bank robbers are mostly on the inside. Black's book deals with brazen but relatively short-lived fraud from the savings and loan era. More modern methods tend to be far more sophisticated, slowly transferring wealth from the client to the financial services sector one fee at a time.
-- Max Arai, CFA
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I am reminded (and irked) about fine print in almost every tv commercial or document received in the mail. If clients were not so intent on hiding information from the public, why is it that, many times, you see on the bottom of a tv commercial, for example, light text on a light background. My tv remote has a screen pause feature. If I want to read the fine print, I merely hit the pause button and read the things that are not voiced during the commercial, and many times it is still unreadable and does not match what you hear during the commercial.
Alan Kaplinsky, a Philadelphia lawyer states that the fine print is not meant to deceive. I don't believe him. I once received a one page solicitation in the mail. Ninety five per cent of the back was blank except for a half inch of fine print at the bottom. They had nearly the whole page to use to but they still choose to scrunch it all into an area of 1 2 inch.
-- Jim Altenbach
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Hello Missy Sullivan. I read your article in the Sunday Patriot News and found it very interesting. In November I purchased my 3rd Dell Computer and during the transaction they said for the month there was a special offer. I could purchase a 200.00 dollar printer for 60.00 dollars which I agreed to. A short time later the computer and printer arrived. In December I contracted with Dell to transfer all of my information from my old to my new computer. After several visits this was accomplished. However I then noticed I was unable to print any e-mails I received or transfer to a web site listed in the e-mail. I am also unable to print any monthly statements from various businesses. After much soul searching I deceided to call the Dell Corporation. I called tech support and was answered by an Asian woman who I could hardly understand. After giving all my information except my blood type she had me do various test and finally said your printer is okey, which I already knew. I was given a case number and transfered to Jay and Alvin. They went through various tests and finally said they could not help and transfered me to Mark. Incidentally all of theese people are Asian. Mark had me type various codes into my computer which enabled him to see the screen on my computer. After he completed several tests I was informed I had a software problem and he would transfer me to the software department. In software I was answered by Jane whom I had a very difficult time understanding. On top of her dialect she went a hundered miles an hour. After accessing my computer the same as Mark and making various tests I was informed I had a software problem. Jane then went into her sales pitch and after getting her to slow down so I could get a word in I said "do I understand you are trying to sell me something: she said,yes, a one year software package for 199.00 dollars. At no time was I told that I had to purchase a software package for the computer to communicate with the printer. After talking to her supervisor they would do it for 129.00. I said no and asked about a one time fix and that was 89.00. I said no thanks and politely hung up. The next day I received a call from Dell and was asked to open my computer and they would correct my problem. I was given the same sales pitch. After reading yor article in the Sunday Paper I had to tell you about my experience. Sincerly, Ray
-- RAYMOND L KOUP JR
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