Facebook Wants Access to Your Banking Data

[gdmaclew]

If a bank share this. Everyone should pull all their money from the bank.

That would not be possible and would actually result in a collapse of the banking system.

 

[gdmaclew]

Its all part of the lizard lord Zuckerbergs plan to rule the Earth.

I have no love for Zuck, but I don't actually believe that.

I think he just wants to build the online platform used by the entire world. The grand vision of FB, and possibly Google, is to build a proprietary successor to the Internet. Not like that's really much better...

Banks should say no. They already make plenty of money off of holding a persons money.

really? Yeah, with these sky-high interest rates...

No, banking does not work like it did last century. Retail banking is a low-margin business. Bank capitalization requirements mean they can't actually invest very much of the money on their balance sheets. The main ways they make money off of retail customers is through credit card interest and selling mortgages. Holding your money is just almost like a favor they do, in order to earn your trust and goodwill.

Actually here in Canada the banks make most of their money from service charges. We have the "Big 5" here - Royal Bank, TD Bank, Bank of Nova Scotia, CIBC and Bank of Montreal in that order, Most of these make about $1B per quarter in profits from these service charges (and other sources as well). They even charge you for "having an account".
Facebook would not stand a snowball's chance in hell of getting info from the banks up here.

 

[Murissokah]

Not that I don't think they would try this, but WSJ is not the most reliable source. They have a clear interest in crippling social media and have tried to do so in many occasions in the past.

 

[bloodroses]

How many lawsuits has Facebook been hit with? And now they're considering giving him trust in everyone's banking data? Are they crazy? Any bank that does this I will make sure to avoid like the plague and warn others to boycott. If all banks agree to it, I guess you'll see Cryptocurrency start to surge again; as much as I'd actually hate to see that...

 

[jimmysmitty]

Its all part of the lizard lord Zuckerbergs plan to rule the Earth.

I have no love for Zuck, but I don't actually believe that.

I think he just wants to build the online platform used by the entire world. The grand vision of FB, and possibly Google, is to build a proprietary successor to the Internet. Not like that's really much better...

Banks should say no. They already make plenty of money off of holding a persons money.

really? Yeah, with these sky-high interest rates...

No, banking does not work like it did last century. Retail banking is a low-margin business. Bank capitalization requirements mean they can't actually invest very much of the money on their balance sheets. The main ways they make money off of retail customers is through credit card interest and selling mortgages. Holding your money is just almost like a favor they do, in order to earn your trust and goodwill.

The first part was an obvious joke. Its been a meme for years about him.

The second part is not incorrect however. They make more off other methods, correct. CC Interest is vastly more profitable than banking interest but they still make money off consumers in multiple ways who say just have a bank account.

They make money off service charges and fees. They also make it from lending, which they lend using the money people put into the banks to save and charge interest which then a small, very small, amount gets paid to people. The money doesn't just sit there.

As I said, the banks already make plenty of money off consumers. Selling their banking information to a company that has been known to be hacked and to have just sold it off to others is a stupid idea.

 

[TJ Hooker]

Actually here in Canada the banks make most of their money from service charges. We have the "Big 5" here - Royal Bank, TD Bank, Bank of Nova Scotia, CIBC and Bank of Montreal in that order, Most of these make about $1B per quarter in profits from these service charges (and other sources as well). They even charge you for "having an account".

According to this, only 5% of their revenue comes from service charges:
https://www.cba.ca/bank-revenues-and-earnings-profits

 

[sykozis]

If a bank share this. Everyone should pull all their money from the bank.

That would not be possible and would actually result in a collapse of the banking system.

Any bank that is even considering handing over account details to Facebook, deserves to fail. If the entire financial sector has to fail as a result, so be it. There comes a point in time where consumer data has to be protected at all costs. When it comes to banking data, the banks can either protect the data or they need to fail.

 

[bit_user]

If a bank share this. Everyone should pull all their money from the bank.

That would not be possible and would actually result in a collapse of the banking system.

If half as many people closed their bank accounts as actually deleted their FB accounts, the banks have nothing to worry about.

 

[sykozis]

If a bank share this. Everyone should pull all their money from the bank.

That would not be possible and would actually result in a collapse of the banking system.

If half as many people closed their bank accounts as actually deleted their FB accounts, the banks have nothing to worry about.

If half as many people actually cared about the security of their personal or financial data as should, we wouldn't even be discussing this....