MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘Bank of America’

Data on your spending habits could be a gold mine for banks

Posted by M. C. on December 2, 2019

Banks know many of our deepest, darkest secrets — that series of bills paid at a cancer clinic, for instance, or that big strip-club tab that you thought stayed in Vegas. A bank might suspect someone’s adulterous affair long before the betrayed partner would.

Only if you let them and are dumb enough to pay a strip club bill or pay your liquor store bill or buy your ammo or … with plastic.

https://www.fox5ny.com/news/data-on-your-spending-habits-could-be-a-gold-mine-for-banks

There’s a powerful new player watching what you buy so it can tailor product offerings for you: the bank behind your credit or debit card.

For years, Google and Facebook have been showing ads based on your online behavior. Retailers from Amazon to Walgreens also regularly suction up your transaction history to steer future spending and hold your loyalty.

Now banks, too, want to turn data they already have on your spending habits into extra revenue by identifying likely customers for retailers. Banks are increasingly aware that they could be sitting on a gold mine of information that can be used to predict — or sway — where you spend. Historically, such data has been used mostly for fraud protection.

Suppose you were to treat yourself to lunch on Cyber Monday, the busiest online shopping day of the year. If you order ahead at Chipotle — paying, of course, with your credit card — you might soon find your bank dangling 10% off lunch at Little Caesars. The bank would earn fees from the pizza joint, both for showing the offer and processing the payment.

Wells Fargo began customizing retail offers for individual customers on Nov. 21, joining Chase, Bank of America, PNC, SunTrust and a slew of smaller banks.

Unlike Google or Facebook, which try to infer what you’re interested in buying based on your searches, web visits or likes, “banks have the secret weapon in that they actually know what we spend money on,” said Silvio Tavares of the trade group CardLinx Association, whose members help broker purchase-related offers. “It’s a better predictor of what we’re going to spend on.”

While banks say they’re moving cautiously and being mindful of privacy concerns, it’s not clear that consumers are fully aware of what their banks are up to.

Banks know many of our deepest, darkest secrets — that series of bills paid at a cancer clinic, for instance, or that big strip-club tab that you thought stayed in Vegas. A bank might suspect someone’s adulterous affair long before the betrayed partner would.

“Ten years ago, your bank was like your psychiatrist or your minister — your bank kept secrets,” said Ed Mierzwinski, a consumer advocate at the U.S. Public Interest Research Group. Now, he says, “they think they are the same as a department store or an online merchant.”…

Be seeing you

With new ecosystems, is the future bright for banking?

 

 

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Louisiana Attorney General Denies $600 Million to Citibank, Bank of America Over Gun Control

Posted by M. C. on August 19, 2018

https://www.breitbart.com/big-government/2018/08/16/louisiana-attorney-general-denies-600-million-to-citibank-bank-of-america-over-gun-control/

Louisiana Attorney General Jeff Landry and the state’s Bond Commission denied $600 million to Citibank and Bank of America over the gun control stance adopted by both companies.

Citibank and Bank of America were both to be part of a road financing plan in the state, but were omitted from the financial plan after arbitrarily placing new gun controls on banking customers.

Louisiana Executive Division press secretary Ruth Wisher told Breitbart News that Landry and State Treasurer John Schroder have been working on the state’s response to corporate gun control “for some time.” Omitting them from the $600 million is part of that response… Read the rest of this entry »

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Call Kurtis: Safe Boxes May Not Be Safe After All

Posted by M. C. on July 26, 2018

Banks are not your friend. Use a local bank, honesty is somewhat more likely.

Bank of America-One of the most crooked banks on the planet and most big banks are bent.

Entire boxes are missing! This is what you get for your tax supplied bank bailouts. It makes you wonder what else we don’t know about how banks handle your money.

NEVER use a bank box. The bank and most any government agency can have your access blocked at any time for any reason, including impending bank failure or a “terror” incident.  Many banks don’t allow cash in their boxes because of the war on cash. No firearms of course!

Limit/eliminate keeping any kind of savings and checking in a bank for the same reasons.

Buy a good fire proof safe and learn how to hide it well.

Call Kurtis: Safe Boxes May Not Be Safe After All

By Kurtis Ming

ORANGEVALE (CBS13) – A woman says her bank let her safe deposit box vanish. And she’s not the only one.

Susan Nomi says when she went to open her Bank of America safe deposit box of 16 years, the entire box was gone…

She says Bank of America can’t explain where her valuables went. Read the rest of this entry »

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