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Financial Planning Tip of the Month

Financial Planning
Tip of the Month
For the month of May 2002

Know the telemarketing sales rules

To protect consumers from deceptive telephone sales calls, the Federal Trade Commission (FTC) requires telemarketers to make certain disclosures while they are dealing with you. Knowing the rules gives you the power to stop unwanted sales calls.

The following list may help you determine if you are talking to a scam artist or a legitimate telemarketer.

  • Telemarketers are required to tell you that they are making a sales call, what it is they are selling, and who is doing the selling before they make their pitch.
  • Before you buy, the caller must tell you the total cost of the products or services they are offering.
  • They must tell you if there are restrictions on getting or using the product or service.
  • It is illegal for telemarketers to misrepresent any information about their goods or services, including the nature of a prize in a prize-promotion scheme.
  • Calling times are restricted to the hours between 8 a.m. and 9 p.m.
  • If you've asked not to be called, it is illegal for a telemarketer to call you. Simply hang up. If the telemarketer calls back, hang up and report the caller to your state attorney general, or file a complaint with the FTC.

Telemarketers count on your being courteous and not hanging up on them. Most will have a ready answer to any objection you give for not wanting to buy from them. They will pose questions that you will feel obligated to answer. They hope this will keep the conversation going. Do not feel guilty for simply hanging up in the middle of their conversation. After all, it didn't bother the caller to interrupt what you were doing.

If you have questions about scams, give us a call. We are here to help you.

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