Facebook Wants Access to Your Banking Data

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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.
 
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...
 


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.
 

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


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.
 

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....
 
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