Who sells my transaction data? My bank, Mastercard/Visa, Paypal, or all of them?
Is there any benefit in opening a new bank account, as part of a wider ‘privacy transition’ (with new number, email, etc.) ?
Are all banks the same when it comes to privacy? Or do services such as Revolut have privacy advantages? (Also, Viabuy online bank, which Techlore recommends. Strange, because I do not see how it differs from any other bank)
A bank is required by law to know its clients. Mastercard and Visa are also banking institution and has strict laws when it comes to privacy as rich people dont what other people to know what they are spending. You should be safe from third parties unless the third party is the government. You are laid bare as you are as any transaction with the government. There is no legal way around this.
I dont really know about PayPal with regards to their exact status as a financial institution. I can only speculate it is worse than banks.
Basically there is no way of having privacy when it comes to banking. All banks MUST do KYC and all transactions and bank statements have to be stored for so-and-so many years (depends on the jurisdiction, but lets say 10 years).
Even cash payments are more and more restricted, I think the EU just passed a law essentially banning >€3000 cash payments without KYC and some individual countries are even stricter.
Crypto is also not private thanks to various KYC laws unless you’re talking about Monero.
In conclusion, there’s no way that’s both legal and practical way to have your financial transactions private. Sad!
Maby it is time to leave the bank and go kyc crypto social with debit card on Web3 Hedera based Banksocial?
I strongly recommend that you do NOT move your primary assets to a non-FDIC-insured crypto institution.
Bank = no privacy.
Use crypto like USDT at least. But better use Monero. And it’s better to have salary with cash if possible.
Having no bank account now is a problem. But you can minimise data that bank knows about you. Stop using banking apps (they will steal your IMEI in 80% cases) and card (bank will know what you usually buy and where are you now). Use physical department.
This is not the holy grail.
When to many banks go bankrupt, the FDIC funds are to low and can’t pay the insured amount to all insured accounts.
It’s not a panacea. But when non-insured cryto institutions go bankrupt, as several prominently have in recent years, you probably get $0.
Whereas when Silicon Valley Bank failed last year, the FDIC stepped in and everyone’s money was made available.
Do not put your primary assets in non-FDIC-insured institutions.
PG recommends Privacy.com . The free plan lets you hide your debit card number, name, and billing zip/address from retailers. The paid version lets you hide your transaction details from your bank. Your bank will still know exactly how much you are spending, but not where you are spending it.
A bank is required by law to know its clients. Mastercard and Visa are also banking institution and has strict laws when it comes to privacy as rich people dont what other people to know what they are spending. You should be safe from third parties *unless the third party is the government.
Can’t we say then, that banking is private against surveillance capitalism?
Or perhaps, private in general? However it is not anonymous, or private in specific situations where the account holder is in legal trouble.
No, that’s very untrue. Card networks and banks regularly sell your data, and can do so unless you proactively opt-out. Even in that case they are typically still allowed to share the data with those they consider partners or affiliates.
Edit: supposedly Visa stopped selling data in 2021 apparently.