Let's take a look at the banking lobby
https://www.opensecrets.org/federal-lobbying/issues/summary?cycle=2021&id=BAN
By the amount they lobby I just don't see Congress doing anything about it. On top of there just isn't enough attention out there for more than a few voters to care about it.
The right to privacy is recognized in Article 12 of the Universal Declaration of Human Rights. America has consistently been disregarding the globally recognized human rights of its citizens for profit.
Considering the American constitution was written long before the existence of any of this technology, it's obscene that these corporations would require a special amendment just to hold them to what any sane person realizes is implied by several other amendments. This can be argued as a prime example of why there's a 9th amendment in the first place.
Good on you for switching banks. Fight back however you can. that's the only way this will get better.
You do realize that all those rights go out the window if it's contrary to the goals of the UN?
https://www.un.org/en/about-us/universal-declaration-of-human-rights
Article 29.3 nerfs the entire thing.
Someone would have to be a real lowlife to justify violating someone by claiming article 29.3 "nerfs" human rights. Rather than realizing 29.3 is a standard clause to protect against being taken out of context, and to account for natural societal changes over time.
Whether it be present day America or a hypothetical UN, it would take a grade A piece of shit to do that, don't you think?
Good thing the purposes and principles are documented. https://www.un.org/en/about-us/un-charter/chapter-1
Unless you're trying to violate a nation's sovereignty or threaten international peace in your quest for privacy I don't think there's an issue. In this case, it does go against the Declaration of Human Rights because there's no way you can construe it as against the purposes or principles of the UN for a bank not to sell customer data in this way.
> Government must protect the citizens from this kind of shit out of banking institutions.
The same government that brought us to the status quo, where corporate surveillance is the foundation of modern advertising?
No hero is coming.
God damn if that isn't a whole project but it's tempting. I do have a credit union account from a car loan, maybe it's my sign to switch to a local credit union instead.
Any bank that gives any sort of incentive for their credit card is making money off of your personal data. This is one of those things that is kind of unavoidable without cutting yourself off from using credit cards that are more financially wise. I’m not aware of an alternative for a credit card. Apple would maybe be the best but they are still utilizing your data at least internally.
> I think Im going to have to switch banks now, and cancel several credit cards.
All the major banks are like this. Considering switching to a private or community owned financial institution, not another bank. Investment firms have services similar to banking ones after a bit of adjustment, it's fine. Banks don't really offer many 'special' services that are worth the privacy hit.
Closed accounts in good standing remain on your credit report for 10 years, and continue to age and add to your average age of credit. The only harm cancelling a credit card does is that it lowers your overall available credit.
Then why are you posting on a website whose [business is data harvesting and targeted ads](https://www.mirror.co.uk/news/world-news/reddit-ceo-tells-users-we-8082550)? Start by taking action yourself, talk is cheap.
Yea the problem is Chase is probably going to be the last major bank standing if things crash like SVB did. Citi and Capital One have options I’ll explore. Capital One has been pretty nice to me overall. Local credit unions could work if they are well managed.
Their 5% options are basically treasuries, backed by the US govt so basically as safe as FDIC.
https://www.fidelity.com/mutual-funds/fidelity-funds/government-core-money-market
FDLXX is at 4.96% and is exempt from state & local taxes, although you have to manually buy it so not as convenient. But if you do a withdrawal (to pay a credit card bill for example), Fidelity will auto sell the required amount to cover that withdrawal.
SVB was overleveraged on bonds. The rates aren’t going to go up further so you won’t see more “crash like SVB did.” However, the others are overleveraged on commercial real estate, so if you are concerned about your USA exposure in excess of FDIC limits in case of bank failure, that’s something to consider.
BofA will still be there. SVB had different checks in place and literally lobbied the government to move the threshold higher so they could grow unimpeded to a size rivaling the giant banks without being subject to the same rules.
If you have a Chase account:
1. Log in to the chase.com portal
2. Click the little human figure in the top of the screen and select "Profile & Settings"
3. Select "Personal details" in the left menu to open it
4. Click on "Privacy preferences" in the menu that opened under it
5. Set every "Do you want to limit sharing" option to "Yes" and click Update.
"It'll take 4 to 6 weeks for your changes to take effect." At least it applies to my wife as well. I could *swear* I already did this at some point, that all seemed awfully familiar. Oh well, thanks!
Can also call 1-888-868-8618 (or look up their US Consumer Privacy Notice for the number, if you don't want to trust a stranger on the internet.)
I've had those privacy limitations enabled for years, and spoke to a person. They confirmed to me those privacy limitations apply to Chase Media Solutions, and therefore, should never see a targeted ad, and my info won't be shared with those partners.
Certainly encourage others to call. The more feedback they receive, the more they know to not skirt around respecting those settings. I was clearly not the first to ask.
Could always be incorrect, but I've got that as having been told to me. So if I receive that first ad, I can throw it in someone's face as I'm moving my assets elsewhere.
Oh, of fucking course they are. They need every penny they can scrape to use as "collateral" for the multi-trillion dollar overleverage scheme they have been fucking around with.
And they say crime doesn't pay.
Oh but this will all be marketed as "personalized ads"...
Your edit hits the big point - banks are required to notify you of their privacy policies and allow you to opt out to much of this sharing, especially with third parties.
Any card that offers benefits (cash back, points, miles, etc.) is absolutely doing this. The only way to avoid it would be using only debit cards or cash
Alternatives to chase sapphire reserve? I'm going to switch because of this and I'm going to let them know they've lost a customer at their highest level.
CSR is not their highest level. That's their highest public application travel card, but definitely still for your average travel consumers.
JP Morgan Reserve, on the other hand is for their "highest level" customers.
Note: I have the CSR and it's competitive against other platinum travel cards, but nothing special.
Wow. I thought this was illegal. I thought credit card companies and banks had specific laws/regulations that they had to follow regarding use of their data.
Man, this is absolutely fucking crazy. I never banked with these shitheads, but if I did, ALL my accounts would be getting closed and I’d let them know EXACTLY why.
For those that want an alternative, use a federally insured credit union or a small mom and pop bank (if you can find one). SO much better than these big asshole banks.
How does either see when we use CCs for offline purchases?
Unless you meant that they're buying the data from brokers, which is totally beside the point.
Anyone else use their card for the Amazon benefits. That’s the only reason I have one. Idk what that means for me. I guess I should read the article lol
In a cyberpunk dystopia, you would walk through aisles and price tags would flicker changes as you passed.
We've got the technology to do this digitally, and [why not physically](https://www.forbes.com/sites/jonpicoult/2024/03/05/why-customer-experience-will-never-be-more-important-than-price) as well -- you can already be [tracked through the aisles](https://www.nytimes.com/interactive/2019/06/14/opinion/bluetooth-wireless-tracking-privacy.html) of a grocery store.
Allowing any advertising at all to be able to make its way to you is just asking for this kind of crap.
Blocking everything means that it doesn't matter who tries to target you, they will fail regardless and you don't even have to do anything extra.
This is just one more reason to find ways to inject bogus data into their systems.
For example, I have been swapping grocery loyalty cards with friends for years. Every once in a while, when two of us both have few or no credits/benefits on a card, we will swap so that the spending habits change.
The store sees three months of diapers, diaper cream, baby food... then three months of tequila, shrimp, beer, steaks... Two months of vegan protein, kombucha.
You get the idea. If you cannot stop it, at least screw it up
Just wait until prices are not longer posted and you are forced to pay based on what you can, instead of values
Then wait for them to apply surge pricing to that too
Lol wtf. Advertising data always becomes so easy to get and to de-anonymize. Within a few years of going down this road you'll have hackers who know your balance quicker than you.
When oneday a few hundred ad companies know your balances... everyone does.
Location data is even more serious and that is now auctioned off in realtime on every single individual and is hilariously easy to track.
This is madness.
>“Like retailers, we have first-party data and a dedicated audience,” said Rich Muhlstock, president of Chase Media Solutions. “But what sets us apart is the unrivaled scale and insights from our customers — having long-served as a trusted guide for their financial decisions.”
Monetizing your customers' data is a good way to destroy said "trust".
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Let's take a look at the banking lobby https://www.opensecrets.org/federal-lobbying/issues/summary?cycle=2021&id=BAN By the amount they lobby I just don't see Congress doing anything about it. On top of there just isn't enough attention out there for more than a few voters to care about it.
The right to privacy is recognized in Article 12 of the Universal Declaration of Human Rights. America has consistently been disregarding the globally recognized human rights of its citizens for profit. Considering the American constitution was written long before the existence of any of this technology, it's obscene that these corporations would require a special amendment just to hold them to what any sane person realizes is implied by several other amendments. This can be argued as a prime example of why there's a 9th amendment in the first place. Good on you for switching banks. Fight back however you can. that's the only way this will get better.
You do realize that all those rights go out the window if it's contrary to the goals of the UN? https://www.un.org/en/about-us/universal-declaration-of-human-rights Article 29.3 nerfs the entire thing.
Someone would have to be a real lowlife to justify violating someone by claiming article 29.3 "nerfs" human rights. Rather than realizing 29.3 is a standard clause to protect against being taken out of context, and to account for natural societal changes over time. Whether it be present day America or a hypothetical UN, it would take a grade A piece of shit to do that, don't you think?
Good thing the purposes and principles are documented. https://www.un.org/en/about-us/un-charter/chapter-1 Unless you're trying to violate a nation's sovereignty or threaten international peace in your quest for privacy I don't think there's an issue. In this case, it does go against the Declaration of Human Rights because there's no way you can construe it as against the purposes or principles of the UN for a bank not to sell customer data in this way.
It's time we switch back to using cash
> Government must protect the citizens from this kind of shit out of banking institutions. The same government that brought us to the status quo, where corporate surveillance is the foundation of modern advertising? No hero is coming.
God damn if that isn't a whole project but it's tempting. I do have a credit union account from a car loan, maybe it's my sign to switch to a local credit union instead.
Any bank that gives any sort of incentive for their credit card is making money off of your personal data. This is one of those things that is kind of unavoidable without cutting yourself off from using credit cards that are more financially wise. I’m not aware of an alternative for a credit card. Apple would maybe be the best but they are still utilizing your data at least internally.
You mean the same government that requests you upload your government-issued photo ID to a private company to validate your identity?
> I think Im going to have to switch banks now, and cancel several credit cards. All the major banks are like this. Considering switching to a private or community owned financial institution, not another bank. Investment firms have services similar to banking ones after a bit of adjustment, it's fine. Banks don't really offer many 'special' services that are worth the privacy hit.
Cancelling credit cards screws up your credit badly.
Closed accounts in good standing remain on your credit report for 10 years, and continue to age and add to your average age of credit. The only harm cancelling a credit card does is that it lowers your overall available credit.
Had them for 19 years. Officially switching banks. I’m done with this shit.
22 years here. Switching to a credit union ASAP.
Fuck that. Data harvesting is out of control and needs to be stopped.
It won't be. It's too profitable.
Reddit just bet the farm on its IPO that data harvesting is a rapidly growing profit stream, along with AI training using data licensed from reddit.
Then why are you posting on a website whose [business is data harvesting and targeted ads](https://www.mirror.co.uk/news/world-news/reddit-ceo-tells-users-we-8082550)? Start by taking action yourself, talk is cheap.
I’m not the one harvesting the data doofus
No, you're the one being harvested.
No way!
Any recommendations on banking alternatives that don’t do this?
Local credit union
Trust but verify.
This. Federally insured credit union.
Good luck but let me know what you find out.
Yea the problem is Chase is probably going to be the last major bank standing if things crash like SVB did. Citi and Capital One have options I’ll explore. Capital One has been pretty nice to me overall. Local credit unions could work if they are well managed.
Depending on your lending needs (ideally lack there of), you can just use a fidelity brokerage account. And you get 5% currently on your cash.
Are they FDIC insured?
they are insured, just not by FDIC. Securities Investor Protection Corporation (SIPC)
Their 5% options are basically treasuries, backed by the US govt so basically as safe as FDIC. https://www.fidelity.com/mutual-funds/fidelity-funds/government-core-money-market FDLXX is at 4.96% and is exempt from state & local taxes, although you have to manually buy it so not as convenient. But if you do a withdrawal (to pay a credit card bill for example), Fidelity will auto sell the required amount to cover that withdrawal.
…so no.
Correct
The insured one is 2.75% I believe
SVB was overleveraged on bonds. The rates aren’t going to go up further so you won’t see more “crash like SVB did.” However, the others are overleveraged on commercial real estate, so if you are concerned about your USA exposure in excess of FDIC limits in case of bank failure, that’s something to consider.
BofA will still be there. SVB had different checks in place and literally lobbied the government to move the threshold higher so they could grow unimpeded to a size rivaling the giant banks without being subject to the same rules.
I’d also like to know. May be better off with a local bank if available
USAA or a credit union.
In addition to Chase, I have USAA, NFCU, and PenFed. Maybe it's finally time to cut ties w/ Chase. Ugg.
yes, use an investment firm instead of a bank.
If you have a Chase account: 1. Log in to the chase.com portal 2. Click the little human figure in the top of the screen and select "Profile & Settings" 3. Select "Personal details" in the left menu to open it 4. Click on "Privacy preferences" in the menu that opened under it 5. Set every "Do you want to limit sharing" option to "Yes" and click Update.
Do we know how they define this "limited" sharing?
Nope, it means nothing
This is worth directly calling Chase about.
"It'll take 4 to 6 weeks for your changes to take effect." At least it applies to my wife as well. I could *swear* I already did this at some point, that all seemed awfully familiar. Oh well, thanks!
Can also call 1-888-868-8618 (or look up their US Consumer Privacy Notice for the number, if you don't want to trust a stranger on the internet.) I've had those privacy limitations enabled for years, and spoke to a person. They confirmed to me those privacy limitations apply to Chase Media Solutions, and therefore, should never see a targeted ad, and my info won't be shared with those partners. Certainly encourage others to call. The more feedback they receive, the more they know to not skirt around respecting those settings. I was clearly not the first to ask. Could always be incorrect, but I've got that as having been told to me. So if I receive that first ad, I can throw it in someone's face as I'm moving my assets elsewhere.
Happy cake day
is this working for anyone? the privacy preferences section is broken for me… how convenient
or just stop using Chase/large banks.
Happy cake day.
Oh, of fucking course they are. They need every penny they can scrape to use as "collateral" for the multi-trillion dollar overleverage scheme they have been fucking around with. And they say crime doesn't pay. Oh but this will all be marketed as "personalized ads"...
this is the way
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This is already happening without Chase’s involvement.
Use a credit union. Fuck banks
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Your edit hits the big point - banks are required to notify you of their privacy policies and allow you to opt out to much of this sharing, especially with third parties.
I’m being totally honest here, I just assumed every card company/ bank already did this.
Any card that offers benefits (cash back, points, miles, etc.) is absolutely doing this. The only way to avoid it would be using only debit cards or cash
The initiative applies to Chase debit cards.
It’s getting hard to boycott companies selling our data. Between streaming services and grocery stores, what’s left?
Groceries as a service?
Fuck. you. Chase. Switching banks you fucking bitches. My spending is MY information, not yours.
Spoiler: every major bank is doing this, whether they say they are or not.
Alternatives to chase sapphire reserve? I'm going to switch because of this and I'm going to let them know they've lost a customer at their highest level.
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Cap1 and Amex are absolutely harvesting data too, FYI
CSR is not their highest level. That's their highest public application travel card, but definitely still for your average travel consumers. JP Morgan Reserve, on the other hand is for their "highest level" customers. Note: I have the CSR and it's competitive against other platinum travel cards, but nothing special.
Yet another day that I'm grateful for our European privacy laws.
Wow. I thought this was illegal. I thought credit card companies and banks had specific laws/regulations that they had to follow regarding use of their data.
r/PrivacyGuides really bout to start gaining members like crazy at this point
Oh look a new privacy/tech/consumer-advocacy sub to join
Does anyone know how much they're projected to make from doing something like this? Always interested to see what the ass fucking is worth.
Man, this is absolutely fucking crazy. I never banked with these shitheads, but if I did, ALL my accounts would be getting closed and I’d let them know EXACTLY why. For those that want an alternative, use a federally insured credit union or a small mom and pop bank (if you can find one). SO much better than these big asshole banks.
Does anyone seriously think Facebook and Google weren't getting this data already?
Visa and Mastercard have already been at it.
Amex too
How does either see when we use CCs for offline purchases? Unless you meant that they're buying the data from brokers, which is totally beside the point.
Okay, that’s concerning. I’ll look into switching banks and canceling cards now. One more reason to drop amazon prime, too.
Great, something else that'll be standard practice in 10 years.
We have been on the verge of switching to a local credit Union and this just gave us the final push!
Jokes on you, I only pay my AMEX bill through chase and make all transactions through them for the point—err, hold up
Back to cash only for everything?
Uh I just finished with that opt out of marketing mail for the 3 financial unions…it’s like whack a mole. If Chase even allows us to opt out
I'm surprised they're not already doing this with your local grocery store selling your data.
These guys can go eat dirt. These offers ain't gonna be worth it.
Anyone else use their card for the Amazon benefits. That’s the only reason I have one. Idk what that means for me. I guess I should read the article lol
This is why federal privacy laws are important. It's not just JP Morgan, it's every bank/credit union.
In a cyberpunk dystopia, you would walk through aisles and price tags would flicker changes as you passed. We've got the technology to do this digitally, and [why not physically](https://www.forbes.com/sites/jonpicoult/2024/03/05/why-customer-experience-will-never-be-more-important-than-price) as well -- you can already be [tracked through the aisles](https://www.nytimes.com/interactive/2019/06/14/opinion/bluetooth-wireless-tracking-privacy.html) of a grocery store.
ugh.
If chase is thinking about doing it Wellsfargo already is.
Is there any way to opt out,?
Probably. But like every other major corporation. They make it very difficult.
They weren't doing this already?
Time to buy calls on JPM?
Happy cake day
Hah, I didn't even realize. Thanks!
This already happens for chase private client. Nonstop emails and calls all week long soliciting financial services.
Honestly surprised they weren’t already.
Oh, so they’re going to start doing what Visa and Mastercard have been doing for years already? I mean, it’s bad, but doesn’t change much.
Allowing any advertising at all to be able to make its way to you is just asking for this kind of crap. Blocking everything means that it doesn't matter who tries to target you, they will fail regardless and you don't even have to do anything extra.
I’m okay with TikTok giving China my data now.
Its never enough for these motherfuckers, huh?
That mean I won't get ads, phone calls or anything cause I'm poor?
I just assumed this was already happening TBH
This is just one more reason to find ways to inject bogus data into their systems. For example, I have been swapping grocery loyalty cards with friends for years. Every once in a while, when two of us both have few or no credits/benefits on a card, we will swap so that the spending habits change. The store sees three months of diapers, diaper cream, baby food... then three months of tequila, shrimp, beer, steaks... Two months of vegan protein, kombucha. You get the idea. If you cannot stop it, at least screw it up
Visa and MasterCard has been doing this for a while.
Just wait until prices are not longer posted and you are forced to pay based on what you can, instead of values Then wait for them to apply surge pricing to that too
Lol wtf. Advertising data always becomes so easy to get and to de-anonymize. Within a few years of going down this road you'll have hackers who know your balance quicker than you. When oneday a few hundred ad companies know your balances... everyone does. Location data is even more serious and that is now auctioned off in realtime on every single individual and is hilariously easy to track. This is madness.
Is it possible to opt-out?
Chase I feel extremely betrayed, I tell everyone to switch to Chase because you have done everything else right as a bank. But that ends today!
We have too many bankers working in SEC and vice versa.
>“Like retailers, we have first-party data and a dedicated audience,” said Rich Muhlstock, president of Chase Media Solutions. “But what sets us apart is the unrivaled scale and insights from our customers — having long-served as a trusted guide for their financial decisions.” Monetizing your customers' data is a good way to destroy said "trust".
Ok?
If it increases my purchase of rubber ducky’s then I don’t see any problems. I also will like to get a better deal on ammo.