Don't ask me how I know, don't believe me, but its Wells Fargo.
> It's unclear to me what segment of bank customers would knowingly agree to anything remotely close to this.
Customers would not agree much, correct. However since credit cards are not your money, you are limited in the ways to tell the bank how and what to share or not to share with other players on the market, since its bank's money you operated with, and bank's goal is to make as much money off of lending it to you as possible. (of course I don't like; jsut so you know before you downvote)
This is in fact even right in your face. Any new card (or renewal you got in mail) has a few pages attached to it, called something like "what do we do with your information and how can you stop us", where it clearly draws a matrix table with YES/NO of what information they share, with whom, and in which example you can change their default behavior (hint: not always)
Your unsourced assertion does makes sense. WF isn't well positioned to survive any further SNAFUs — technical ones in particular. Plus I don't think of them as being primarily focused on their CC business in a way Chase, Citi or Amex are. More a complement of their retail banking and mortgage businesses.
>Don't ask me how I know, don't believe me, but its Wells Fargo.
I'd be surprised if it wasn't. Wells Fargo is still asking for forgiveness in their Jon Hamm narrated Earning Back Your Trust[0] commercial. It would be incredibly stupid of them to engage in another scheme to take advantage of their customers at this time.
Funny enough I had no idea that Wells Fargo was mixed up in any scandal before I saw these ads. Even then I didn't know what scandal was about, and finally this comment prompted me to look it up. :)
How would this translate to debit card transactions? That is my money. I'll tell the bank exactly what do with my money including give it all back to me, right now, so I can put it somewhere else. I have been on the fence about doing this anyways in favor of a credit union, but laziness always wins. This would be the absolute last straw for me if my bank shared anything with any social platform.
Don't ask me how I know, don't believe me, but its Wells Fargo.
I'm asking anyway because a statement like this absolutely demands more than what you're offering for anyone to take a statement like this, in this context remotely serious.
Not even an article or something published from WF to support the claim, that the rest of us may benefit from?
Don't ask me how I know, don't believe me, but its Wells Fargo.
> It's unclear to me what segment of bank customers would knowingly agree to anything remotely close to this.
Customers would not agree much, correct. However since credit cards are not your money, you are limited in the ways to tell the bank how and what to share or not to share with other players on the market, since its bank's money you operated with, and bank's goal is to make as much money off of lending it to you as possible. (of course I don't like; jsut so you know before you downvote)
This is in fact even right in your face. Any new card (or renewal you got in mail) has a few pages attached to it, called something like "what do we do with your information and how can you stop us", where it clearly draws a matrix table with YES/NO of what information they share, with whom, and in which example you can change their default behavior (hint: not always)