AMEX Asking for access to personal bank account?

[fuzzle]

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@NRB525 wrote:

I am not bothered by the concept of AMEX understanding more about my cash flow and being able to better identify me and my spending habits, and my payment ability. I rely on AMEX and other CCC to provide me with the ability to charge amounts, recently $7,000, and I can appreciate that they would like to be paid back. 

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What are they offering in return though? If they know you can pay then they should be charging like 3% interest. 

[Anonymous]

If they want to see your banking history to apply it to their risk process, 

then the only thing comparable to compromise would be to offer payment of credit use with NO INTEREST

They already make money off swipes and late payments etc.

but even so, I would not opt in..I also would not do business if there were other banks

that did not participate.  If all banks, then time to move to cash/barter/trade system.

YES, I am anti social (in this aspect)

needless to say i already just recently closed a biz amex, ready to close the rest!

[longtimelurker]

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@NRB525 wrote:

I also have Global Entry, which included a thorough TSA background check, and personal interview to get that access. There are significant perks when moving through airports and getting back into the country through customs, whether airport or driving back from Canada. The Global Entry is not a direct equivalent, but it is an example where being known better has advantages.

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One reason why it's not a great analogy is that GE gives extra information to the government, whereas this gives info to a commercial entity.   Now your political views will determine which is the greater evil!

But yes, in theory it is sometimes worthwhile to sacrifice some privacy for a benefit (perhaps a better example is applying for a mortgage, where you might provide a lender with quite a lot of information, because you want to get the property, and in some cases you can provide less but get a higher rate.)   I think the issue here is that people are unclear as to what the real advantages will be.   Perhaps if CLIs required this, this util-padding crowd here would be more willing to agree.

If this became widespread, I think people would adopt, to use another analogy, a "VPN" approach.   Regularly deposit part of the account into something like Paypal, and do any private like spending from there.   Presumably banks might eventually object, but buys some time!

[Anonymous]

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@NRB525 wrote:

I am not bothered by the concept of AMEX understanding more about my cash flow and being able to better identify me and my spending habits, and my payment ability. I rely on AMEX and other CCC to provide me with the ability to charge amounts, recently $7,000, and I can appreciate that they would like to be paid back. 

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This isn't just about Amex though. If it was, it wouldn't be that disturbing. It's more about who else they're going to "sell" that info too, and how secure it is with them. It's bad enough we have to worry about our Financial info being compromised at our owen intistution, but also sharing it with their partner's partner? And anyone else who gives them a nickel for it.

In my case they wouldn't like what they see, as I don't keep all my cash in one place. Nor most of it Banks to begin with. If I don't trust banks with all my Money to begin with, why would I trust another one with to spy on me? 

Honesty this sounds too much like what JFK was trying to prevent decades ago.

[Anonymous]

Citi gave the option of either setting up your bank account directly or manually putting in your routing and acct. number earlier today.  I have a new card with them. I only use the BOFA account to pay bills and don't keep too much money in it so I set it up but I have not used it with Citi yet. This is the first time I have send this method of adding a payment account. If they are going to use the balance in linked accounts for CLI's I won't be getting any.

[Revelate]

LTL: I think it hypothetical at best that allowing access will either prevent a FR or be acceptable for one.

Primary thing a FR does is establish proof of income, which bank statements cannot with very very few exceptions (some edge case portfolio mortgage lenders will go on bank statements but nobody will accept that on the secondary market).