General Financial Literacy Jessica Cox Learning objective Explain the purposes and features of consumer protection laws Identify federal and state entities that exist to protect consumers from forms of fraud and abuse ID: 782230
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Slide1
Consumer rights and responsibilities
General Financial Literacy – Jessica Cox
Slide2Learning objective
Explain the purposes and features of consumer protection laws.
Identify federal and state entities that exist to protect consumers from forms of fraud and abuse.
Slide3Sources of Information
C
onsider sources of information from:
Family and Friends
Advertising
Sales and informational brochures
Catalogues
Magazine/newspapers
Consumer/product testing organizations
Slide4Guidelines for consumers
Think about what you need before you buy. (Think about specific features and requirements that are important to you.)
Compare stores
Compare brands
Check for any extra charges
Slide5Guidelines for consumers
Read and understand the warranty.
Read the contract terms carefully.
Read and follow the use and care guidelines.
Keep all sales receipts, warranties, and instructions.
Slide6Guidelines for consumers
Understand the store’s refund or exchange policy.
Buy within your budget.
Check your bill for accuracy.
Exercise the right to protest.
Slide7Consumer rights and responsibilities
In 1962 President Kennedy presented four basic consumer rights in a message to Congress. These four basic rights have been a basis for government action and legislation aimed at protecting consumer interests. Along with each right, the consumer has a certain responsibility to act within the bounds of that right.
Slide8Consumer Rights and Responsibilities
Rights
Responsibilities
To Safety
To
use products safely
To be
Informed
To see information
and use it to make decisions
To Choose
To choose goods and services carefully
To be Heard
To speak up
and let likes and dislikes be known.
Slide9The Right:
Government protection
Food and Drug Administration (FDA)
Consumer Product Safety Commission (CPSC)
The right to be safe
The Responsibility:
To use products safely.
Read information about the product
Use care booklets
Slide10The Right:
Protection against false and misleading information.
The right to be informed
The Responsibility:
To seek information and use it to make decisions
Choose appropriately
Slide11The Right to be informed
Much of the responsibility here falls on the consumer. It is up to the consumer to seek information and use it to make wise decisions. Consumers need to understand that a claim that sounds too good to be true, probably is. Also, to remember that nothing is free; somehow it will be paid for, by you, the consumer.
Slide12The Right:
A variety of products
Competitive prices
No monopolies
The right to choose
The Responsibility:
Choose goods and services carefully
Shop a variety of places
Use consumer magazines
Slide13The right to choose
Along with this right, the consumer has the responsibility to choose goods and services carefully.
Consumers
should shop around and give their business to the stores that are willing to provide the best quality at the lowest price
.
It is also important for consumers to support reputable businesses. In that way, an establishment with bad business tactics would be forced to change their tactics or discontinue doing business.
Slide14The Right:
Complain
BBB
Consumer Protection Agency
The right to be heard
The Responsibility:
To speak up and let likes and dislikes be known
Complaint letters
Support reputable businesses
Slide15The right to be heard
When a product or service is not satisfactory, the consumer has the right to complain.
In
the majority of cases the seller or the manufacturer can correct the problem. Many companies have a consumer complaint department established for the very purpose of satisfying customers
.
If a complaint is not settled at this level, the consumer can move on to higher management for additional help.
Slide16Consumer complaints
Slide17Consumer Complaints
It is imperative whenever a consumer complains that
the complaint be done promptly.
It
is also important that the complaint be
directed to the appropriate person
or the person with the authority to handle the situation
.
It
is senseless to complain to a salesclerk over company policy
because the salesclerk has no more control over the company policy than the consumer does.
Slide18Consumer complaints
When writing a
complaint letter, type it,
if possible.
If
it is handwritten, make sure that it is neat and easy to read.
It
is not in your best interest
to write an angry, sarcastic, or threatening letter.
–don’t
Most
likely, the person reading your letter was not responsible for your problem, but does have authority to deal with it.
Slide19Complaint letter
Include your name, address, home and work telephone numbers and account number where applicable.
(Many complaint letters have been written that a company would like to deal with, but the consumer has left no address or phone number
to
enable
the company to locate them. If you want your letter to be answered, you must provide them with the means to do it.)
The name of the person(s) you are writing to, their title, the company name and address.
(As you decide to whom to send your complaint, be sure that the person has the necessary authority to address your concerns.)
Slide20Complaint Letter
Important facts about the purchase. The date and place of the purchase and all product information such as model or serial number, size, color, and any other important information.
(Keep your letter brief and to the point. Make sure that all important facts concerning your purchase are included. Be sure to include all necessary information about the product you purchased.)
If you are writing to complain about a service, describe the service which you received.
(If you are writing to complain about a service you received, describe the service in detail and include the name of the person who performed the service.)
Slide21Complaint letter
Clarify the subject of the complaint. Clearly describe the problem.
(Be very specific in describing the problem. How was the product defective, was there a problem in billing, conduct of personnel, etc.)
State your expectations. What do you want done about the problem and how long are you willing to wait to have it resolved?
(What will it take to make you happy? Be reasonable in your expectations. State exactly what you want done about the problem and how long you are willing to wait to have it resolved.)
Slide22Complaint Letter
Include copies of all important documents: bills, sales receipts, etc.
(Be
sure to include copies of all documents regarding the problem. Do not send any original documents, only copies of the original. Keep a copy of all letters to and from the company. Whenever copies of documents are being included with the complaint letter, be sure to mention it in the letter.)
Slide23Complaint letters
Sometimes results from a complaint letter do not come quickly. Be persistent, continue writing two, three, or four times if necessary to get the results that you want
.
If you find that you have directed the letter to someone who seems to be unable to assist you, then redirect the letter to someone else who can better assist you.