MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘Wells Fargo’

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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Wells Fargo Center Unveils Rage Room Where Fans Can Break Stuff And Unleash Their Anger

Posted by M. C. on October 9, 2019

A safe room for sports fans. Truly pathetic.

Are high schools and universities next?

One wonders what kind of sports person tolerates it.

What do you expect from a stadium named after one of the most corrupt banks in America.

Wells Fargo Center Unveils Rage Room Where Fans Can Break Stuff And Unleash Their Anger

By Matt Bowker

PHILADELPHIA (CBS) — Picture this: The Flyers are going through a February slump. The orange and black just inexplicably lost a 5-1 home game to the New York Islanders.

You need to blow off some steam before sitting in traffic.

So you go into the Wells Fargo Center’s Disassembly Room and smash some dishes, take a sledgehammer to a TV and unleash your rage upon everything in sight.

That’s right. The Wells Fargo Center has unveiled the first-ever rage room in a major professionals sports arena.

The rage room allows fans and guests to let out some stress by breaking, smashing and crushing items inside of the brand new Disassembly Room. Some of the breakable items even include the opposing team’s logos…

Be seeing you

Wells Fargo blames former retail division head for Wells ...

 

 

 

 

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Democrats are waging a financial civil war in America, targeting banks that fund pro-liberty projects that Leftists don’t like – NaturalNews.com

Posted by M. C. on March 21, 2019

How dare the company do that, Rep. Carolyn Maloney (D-N.Y.) lectured. How dare Wells Fargo not bow to the browbeating of Leftist Democrats and follow the lead of other banks in ditching gun makers and retailers.

Specifically, she blasted Sloan because Wells Fargo hasn’t adopted what the anti-gun Left calls “best practices” for the banking industry when it comes to firearms…

https://www.naturalnews.com/2019-03-17-democrats-waging-financial-war-in-america-targeting-banks-that-fund-pro-liberty-projects.html

(Natural News) Let’s get one thing straight: The Democratic Left hates the Constitution. They always have and they always will because it is so effective in preventing authoritarians like them from taking over all the reins of power…

The Left looks at sabotaging the Second Amendment in the same way. Because they know they won’t ever muster support among enough states to repeal it, they are focusing instead on strategies to simply neuter it.

That’s what Operation Choke Point (OCP) was designed to do. As a refresher, OCP was an Obama-era initiative implemented by lawless hacks at his “Justice” Department to investigate (i.e. harass) banks that did business with gun dealers, as well as payday lenders and other companies thought to be involved in fraud or money-laundering.

As Frank Keating wrote in The Hill last year:

A little-known program carried out by President Obama’s Department of Justice (DOJ) whipsawed small business for years, and to date no one has been held accountable. Federal officials pressured banks to close the accounts of businesses solely because they were ideologically opposed to their existence. This runs counter to the very principles of due process and fairness that form the backbone of our nation’s laws.

The Obamaites knew they couldn’t get a GOP Congress to approve legislation that would put gun makers and dealers out of business, so they devised another way to do it: Ruin them economically by cutting off their access to financial services, despite the fact that they were lawful businesses operating on the up-and-up.

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Why Big Banks LOVE Paying Fines to the U.S. Government | The Daily Bell

Posted by M. C. on May 9, 2018

http://www.thedailybell.com/news-analysis/why-big-banks-love-paying-fines-to-the-u-s-government/

The Double Standard

When Volkswagen executives found out U.S. regulations would kill one of their diesel models, they pulled some tricks. They fooled U.S. regulators by installing software which misrepresented the emissions released.

But the U.S. found out, and arrested the top executives involved.

One of them, a German citizen, was sentenced to 7 years in prison late 2017 for his role in the scandal.

That’s a pretty intense prison sentence for trying to trick regulators. The government says that society is the victim in this case, because the regulations are an attempt to keep the environment clean.

But how does the government respond when a business directly victimizes hundreds, thousands, or tens of thousands of its own customers?

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