hi everyone, welcome to "on the money. i'm becky quick. is it an important tool to prevent crime or an invasion of your privacy the growing use of facial recognition and why you should care snail mail may be disappearing but tens of thousands of post offices aren't going anywhere anytime soon, a novel idea to keep the postal service afloat. having the talk, no, not that one this is the one with your parents about their finances what you need to ask and how to start the conversation. and it's wedding season, the i do's and i don't of wedding etiquette, whether you're a guest, a bride, the groom or a delighted parent

"on the money" starts right now. >> announcer: this is "on the money," your money, your life, your future. now becky quick. we begin with a familiar sight, your face, and now not only can you easily recognize it, tech giants like amazon are getting more sophisticated in recognizing it as well but where should the lines be drawn when it comes to facial recognition software amazon shareholders are the latest group to protest its use. facing pressure it is this week's cover story >> at a recent meeting of amazon shareholders among the most closely watched issues debated, amazon's use of facial recognition technology this is a demonstration of how the tool works shareholders voted against both proposals on the company's recognition program. one would have prohibited the company from selling its recognition software to government agencies and another would have led to an independent review of the program. reaction was mixed >> we certainly support the

folks who are pushing forward the two proposals on the recognition system it's a huge- it's a huge concern of a company that has so much reach and so much data. >> i need to know more about it, but i'm not adamantly opposed. that's one issue for me to explore. >> amazon has faced increasing criticism over facial recognition from civil liberties groups like the aclu. >> there does seem to be a recognition that the tech companies need to be held to a better standard. >> amazon says its facial recognition technology is quote a powerful tool for business purposes but just as importantly for law enforcement and government agencies adding new technologies should not be banned or condemned because of its potential misuse, but it's not just amazon. other tech companies including facebook, twitter, and alphabet also face shareholder proposals on issues like privacy industry watchers say the trend

marks an inflection point for all companies. >> responsible investing has become so prevalent that i think you're going to see it across companies of all market capitalizations, small, mid and large. >> the tool is able to identify faces in an image or video as well as the person's attributes like hair color, eye color and even your mood. >> is this a mood ring how do they actually recognize my mood? >> i know, right it's like reading tea leaves the promotional material says amazon recognition can detect emotions like happy, sad, or surprised from facial images it's unclear how deeply it can detect nuances another application is recognizing celebrities who are frequently photographed. the "new york times" used it to help it identify guests at last year's british royal wedding. >> that's out there. i'm still trying to figure out the mood new england thank you, really interesting

stuff. there are certainly benefits and of course costs when it comes to facial recognition technology. ed, thank you for being here you guys used it to identify royal celebrities? >> it comes in really handy. it's very useful, and of course law enforcement has been looking at, you know, footage and cameras everywhere now when they want to try to track someone down the commercial application is, you know what? let's make it easier for people to buy things. amazon as we know has been at the forefront of this. part of their vision is they would want to have these stores where you walk in, they immediately know who you are if you're an amazon prime customer, they link you to your account and you can just walk out with stuff and it's charged. how easy is that that's sort of the syfy future promise that they want to develop. >> if it works. >> i do have to admit it's a little creepy. how concerned should we be about this how concerned are you? >> actually, i'm very concerned.

i'm using it right now i have an iphone. >> right now this second >> my face opens the phone it's incredibly convenient so we're already there we've already crossed that bridge, and i think now the concerns are going to be all right, your face is sort of like a thumbprint, a signature. we need guardrails around that that's where the legislation doesn't exist yet. >> san francisco has banned facial recognition software. you think it's no surprise or do you think it's a coincidence that the heart- >> the heart of technology, right. >> is really the place it's banning it first. >> i think the idea is they ultimately want people's consent. even though there is a ban in san francisco, if you as a citizen or customer sort of enfwe engage in a contract with amazon or apple, you can do it. it prevents more these public spaces, civic spaces. >> it makes sense to me if you're trying to scan through faces at an airport, but then you hear in china where they're doing this in a place where it's

not an open and free democracy, you start to worry about how it could be used -- >> the power right. >> or misused. in china they're using it to identify ethnic minorities, they're not quite doing anything with it yet. it's really scary. it's george orwell writ large. if we're going to be concerned what the future looks like, that is one possible future you collect all this data, the law enforcement, government, or corporations can use it in this way. that's the scary part. >> what happens if the technology misidentifies anybody. >> the aclu did a test where they looked at -- they used some of the software and were able to check the faces of african-american congressmen and women, and a lot of them came up as false positives as criminals, right? so it was a way to show that like you know what this doesn't quite work. >> it's not perfect. >> definitely not perfect. i think an overreliance on the

technology is where it gets really dangerous. >> do you like it on your iphone >> it's great actually, not just for unlocking the phone, but a lot of sensitive apps are tied to it, so like my banking app for example, it authenticates me through my face. >> which is an extra level of security. >> the other thing to note is this is something apple makes clear. your facial sort of print is stored only on your phone. it doesn't exist in the cloud somewhere. it doesn't exist on the internet somewhere, and they make that really clear that's the key differentiator in terms of how apple views it at least right now versus what amazon might be thinking about. >> what if you get punched in the face, can it still recognize your face? >> it actually can >> you've tried that >> i haven't tried it with a punch. there have been tests out there, if people get swollen faces. >> if you get a tooth taken out or something happens, allergic reaction. >> it's not a complete map of your face. they identify a whole bunch of points on your face and match them up.

if enough of them match. >> you've never gotten denied entry. >> no, it works. still works. >> very cool. >> ed, great to see you ed lee. the u.s. postal service has been losing money for years, if it became a place where people save their money could that in turn save the post office? and later, mom, dad, and their money. why talking about it is so difficult and so important right now we're going to to take a look at how the stock market ended the week

according to the fdic, one in four americans are unbanked or under banked. unbanked means they don't have a savings or checking accounts, unbanked means they use check cashing services or payday loans. the local post office could be a solution, marsa thank you for being here today. >> thank you so much for having me. >> lets talk about this idea, it's one that's been around in the past the post office used to offer banking services why don't you walk us through how this idea would work and how you see it. >> in the united states starting from 1910 until the late '60s you could go to the post office and have a small savings account, right so you'd have a place to put your money that was low cost they would give low interest on deposits, but this was a way for everyone to be included in the banking system banks don't want customers that are unprofitable, what you have across the country are banking deserts, and more of them coming up as banks are merging, and so

as banks merge, they sort of drop their unprofitable branches as everyone is online. this leaves as you said, one in four americans unbanked or under banked in all of these communities there is a post office the idea would be you would go to the post office and you would get a simple checking account there and you would use the cash that you get, you know, for your wages or whatever and get into digital from there. >> it makes a lot of sense, the idea of having a post office everywhere i can understand that. there are two problems when it comes to these situations. one is you need to have a branch, or a post office branch right there so the community can actually walk in the door. on the back end of it, that's kind of the more complicated area of banking. i'm not sure why the post office would necessarily be qualified to do it. >> all we're talking about is a simple financial transaction we're comparing it to what walmart does with check cashing, small savings accounts, check cashing operations around the country. all we're talking about is that sort of simple transaction

account. it's not that complicated, and again, the post office not only did it here but does it in every other country. we're not actually -- we're talking about postal banking but it's a misnomer to think about a normal bank. it's really just postal check cashing or money orders, simple banking without the fees. >> if i hear something like that, if it's without the fees, this is not necessarily going to be something that is raising money for the post office. >> we're still talking about a simple bank fee. in the post office it would be lower fees because of economies of scale, you've got cross subsidies and things like that as far as the location, 60% of postal branches are in banking deserts. there's a lot of communities where the banks have long left but the post office remains. >> what would it take to actually train postal workers to be able to do this what are you thinking? >> the same training that walmart employees went to when they went to check cashing these are, again, very simple products the back end would be -- i mean, the post office already does money orders so they already have the safety precautions for

transferring cash. that would just be, you know, the same, maybe a little bit more for dealing with savings account. as far as the front end services, you know, i think partnerships with banks could handle the atm services and things like that, and then all the postal employees would be doing would be simple sort of, you know, taking money as they would do with a money order and put it in a digital system of banking accounts these are just product services and postal employees are already doing a lot of this stuff with the money orders and with a lot of the other transaction that will -- transactional accounts. up next, we're "on the money," and in many families financial questions are taboo. and later wedding etiquette tips for the guests, whether it's a destination wedding or a backyard bash, we'll help you figure out the right gift to give hey! i'm bill slowsky jr.,

i live on my own now! i've got xfinity, because i like to live life in the fast lane.

unlike my parents. you rambling about xfinity again? you're so cute when you get excited... anyways... i've got their app right here, i can troubleshoot. i can schedule a time for them to call me back, it's great! you have our number programmed in? ya i don't even know your phone anymore... excuse me?! what? i don't know your phone number. aw well. he doesn't know our phone number! you have our fax number, obviously... today's xfinity service. simple. easy. awesome. i'll pass. even if you're all adults, having the talk with your parents about their finances can be awkward and difficult in her new book, "mom and dad, we need to talk," cameron huddleston has ways to start that conversation. also, talks about why it's so important to do so thanks for being here today. >> thanks so much for having me here why is it always such an awkward, like by sard soizarre f

taboo conversation to have >> in general money is a tough topic, when you're talking to parents about their finances it adds another level of complication you don't want to see like you're being nosey, you don't want to see like you're being greedy you don't want to upset your parents and hurt your relationships. >> not to mention a lot of people don't like to think about a time when they're not going to be able to deal with things themselves that in itself is pretty uncomfortable. >> it forces thoughts about aging and death, and a lot of us don't want to have to think about that. >> why is this so important? how do you start a conversation like this? >> these conversations are so important because most adult children are going to have to be involved in their parents' finances one way or another. everyone dies, and so when your parents die, you have to deal with what they've left behind. if they don't have a will, that makes things a lot more complicated. you can also get involved when they are still living, if they need long-term care, if they haven't prepared properly for retirement, and you have to step in and help support them

lots of reasons that you might have to get involved that's why these conversations need to happen sooner rather than later if you wait until there's an emergency, it can be too late. >> unfortunately you're an expert on this in part because you've had to deal with it yourself. >> yes, my mother was diagnosed with alzheimer's ten years ago i had to step in and help manage her finances, and one of my biggest regrets is not talking to her sooner about her finances. >> so what are the questions that are most important to ask in. >> the first thing you need to find out, if you can only find out one thing you need to find out whether they have estate planning documents it sounds like it's something only wealthy people would, like you have a mansion in the country, but that's not true this is a will or a living trust, power of attorney and a living will which is also called an advanced health care directive. you have to be mentally competent to sign these documents, and so it's especially important with the power of attorney and the living

will the power of attorney lets you name someone who makes financial decisions with you if you no longer can the living will or advanced directive lets you spell out in the life care that you do or d not want. >> how do you start this conversation with your parents without looking like you're self-interested, without looking like you are being overbearing what do you do >> a good way to do this is to use a story. i think most people have a story. they've got someone they work with who had to take time off to care for a parent or someone who lost a family member who died without a will, and then there was all this family fighting use this story, and say mom and dad, i watched my friends go through this i want to make sure this doesn't happen to us my friend's mother passed away she had had conversations with the kids, all the legal documents in place, and it was a tough time, and it made things easier for my friend because they had had these discussions and the mom's finances were in order.

if you're young and just starting out, a great way to do this is ask your parents' advice you go to them and say you know, mom and dad. i just got married, do i need a will, do i need life insurance, and their answers are going to clue you in as to whether they've done these they thinks and then open the door to more conversations. >> thank you very much the book is called "mom and dad, we need to talk". up next, a look at the news for the week ahead are you going to a wedding this year from what to give to what to wear the rules to follow and the rules that are okay to break

here are the stories coming up that may impact your money this week. on monday we will see how factories are doing with the ism manufacturing index. on wednesday the international trade report comes out we'll also see how busy manufacturers were last month when factory orders were released and get ready for fireworks, everybody. thursday is july 4th the markets will be closed on friday, the jobs report for may will be released, and it's also the anniversary of the bikini the swimsuit style was introduced to the world back in 1946 in paris. wedding season is underway, and if you're going to one, two, or maybe even more weddings, well, guess what, we have some tips on what you should give, what to spend and what to expect joining us right now is jenny tug, martha stewart's wedding

etiquette et tditor. this a stressful time of year, why don't we start with the trends what are new things you're seeing in weddings these days? >> the great news is that's personalizationme personal ization couples are detailing their story, show what they love, show what they care about they want to be the sparkly unicorns and stand out from the crowd. >> so weddings are very different. as a rule of thumb, is there an amount that you should give as a gift >> right, you know, there isn't. there used to be a rule that you gave the amount that the couple was spending on your meal, it was called the per plate rule. >> sure. so they don't lose money on the wedding. >> very old fashioned. do not think about the cost of the wedding. give something that you feel comfortable with you want to find something that you're excited to give, that you

feel is a thoughtful heartfelt gift. >> is that a rule that cash is not good anymore because it doesn't have a personalized touch? >> the first place we tell people to start is the registry. then you're guaranteed to give the couple something they want >> have you registered lately? you walk around with a gun and select anything that may strike your fancy. >> the more junk you end up with. >> try to go early so you can choose the things you know matter, really last, special. >> what if i get there and there's not enough stuff for how much i want to spend or i don't feel like it's significant like maybe i get four forks and a spoon and a serving platter. >> you can combine things, that's fine. there's no rules about that. the other thing if there's only big ticket items left, a few of you can go in on something that's all okay. >> can i go off registry >> you can go off registry you can go to the retailers they've registered with. then you know they like that

place, they're going to want something from there, they can exchange it. there's this trend called honey funds. >> and that is where you're asking for money >> you are asking for money, but it's not in a cash exchange way, it's like help contribute to our honeymoon. help contribute to our down payment for a home, even a car people are asking for. >> that's the same thing as cash except for somebody gets to take a cut off the top. >> it's a little more special, a little more of a gesture. >> the other thing we're seeing is people giving experiences on the honeymoon. treat them to a massage, treat them to an excursion. >> the other thing that's weird these days is social media should you hold off on posting on social media so you're not making people who didn't get an invitation feel bad? >> you should. we have a few important rules for social media just your cell phone alone, put it down, silence it during the ceremony this is the time to be in the moment, not the time to be scrolling or posting anything because, you know, the funny

thing you can ruin the photography if you're that one person in the audience holding your phone, but also social media you don't want to be blasting the wedding before the couple is. you don't want to steal their thunder. some couples today will actually have a hashtag for their wedding and that means it's acceptable to post but use the hashtag. that's how the couple will find their images later just wait, you don't want to make people feel bad you definitely don't want to upstage the couple. >> that's the show for today i'm becky quick. thank you so much for joining us next week making your ride safer and the roads smarter. new technology to help reduce accidents. each week keep it right here we're "on the money. have a great one, and we will see you next weekend frds

. we are live at the nasdaq in times square this is my first time ever hosting the big oa hang on folks, tray tables up. seat backs forward, seat belts, it could be a bumpy ride here is what's coming up >> one chip stock just had its best week in ten years, but mike toe and guy adami think the smoking semi could come back down to earth. they'll lay out a trade in the ultimate actions tag team. >> plus. >> it's alive,