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Privacy.com Reissuing All Cards

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Re: Privacy.com Reissuing All Cards

#111

Post by toomuchtodo »

lostcolony wrote: post #50
malfist wrote: post #25

Earlier quoted context omitted.

Oh I see, you're talking about linking your affirm account to a debit card for payments? They might be being rejected because they fall into a high fraud category.

No. I'm saying in Affirm, the only options for payment are ACH cards, and debit cards. I don't like either of those, so previously I used Privacy.com cards. Yes, that meant Privacy.com had access to my bank/debit card details, but they already did (and in general it means one place has my debit cards, rather than every place that eschews credit cards). Affirm previously accepted cards created with Privacy.com just fi…

Affirm wants a debit card so they don’t have to pay credit card interchange fees while using debit card payment rails for instant payment of the loans they’re extending.

They are a credit card company but don’t call the product a credit card. Can’t pay credit cards with credit cards.

Re: Privacy.com Reissuing All Cards

#112

Post by crysin »

jolux wrote: post #102
spindle wrote: post #98

Earlier quoted context omitted.

Right, this is crazy. I'm a US citizen but don't have an SSN and couldn't get one last time I tried.

Every citizen is supposed to be given an SSN.

Parents can opt out of having an SSN issued for a child at birth in the US.

Re: Privacy.com Reissuing All Cards

#115

Post by d3d1rty »

spooneybarger wrote: post #83

As a fairly active user, I'm extremely irritated with this being how I am finding out about this change. Wrapping up something that amounts to extra work for me in bubbly language is kind of infuriating but in keeping with a couple of my experiences with them. I'm not sure if I'll continue as a user given my existing unease with how I feel their existing pitch and documentation are misleading. I appreciate the servic…

Totally agree, especially about the bubbly language used to dress up what is almost certainly a major inconvenience. I've been using their service for years, but if I have to change all of the cards that I have on file everywhere, I might as well just put in my CC details and get the cashback/points.

Re: Privacy.com Reissuing All Cards

#116

Post by d3d1rty »

mnisjk2 wrote: post #53

Hi all - I’m one of the founders at Privacy. I’d like to provide more context on why we’re asking customers to reissue cards. In an attempt to stay current with changes in card network and bank requirements, we spent the better part of this year investigating product adjustments and determined that changing our cards from prepaid debit to charge cards is the best option to preserve the customer experience. I recogniz…

This is a huge inconvenience, and dressing it up as an "Exciting Update" is Orwellian. I was a paying subscriber, but I'll be cancelling my subscription now.

Re: Privacy.com Reissuing All Cards

#117

Post by jdmichal »

danr4 wrote: post #110
ranieuwe wrote: post #104

Earlier quoted context omitted.

US law requires your bank to collect and verify your identity and crosscheck against a series of loste. It is part of the Patriot Act post 9/11. Unfortunately for most banks this means that they require an SSN. Technically an ID or ITIN should suffice.

I have a US bank account that I opened only using my passport and a US home address I live in. and I have a Privacy account. I don't have an SSN. Does that mean I'm locked out of Privacy come 2022?

There's obviously no requirement that you must be US citizen. The requirements are known as KYC -- know your customer -- and simply require a certain amount of due diligence. It means you've verified that the customer is who they say they are, and that the account is in their benefit and not someone else's. It's part of the wider AML framework -- anti-money laundering.

It sounds like Privacy is falling into KYC territory and is not able to farm it off to the host banks. But then any limitations around requiring SSN are due to their implementation, and not to the KYC requirements.

Re: Privacy.com Reissuing All Cards

#118

Post by jrochkind1 »

This has always seemed like a very attractive service to me, although I haven't signed up for it myself.

While some normal credit cards theoretically offer temporary/limited cards as a service, the software/support is so bad I've never been able to make it work with my existing cards.

Have HN'ers (without any financial relationships to the company!) used it? Any reviews? Any downsides?

Re: Privacy.com Reissuing All Cards

#119

Post by greyface- »

rachel_lithic wrote: post #87
fragmede wrote: post #57

Earlier quoted context omitted.

Why force the change onto customers though? Most people understand the difference between a debit card and a credit card, and as someone who's had Privacy.com cards denied because it was a prepaid MC debit card and not a real CC, I've experienced what the problem was. But for merchants where the prepaid debit card works , why can I not continue using that card number there? Privacy.com is a wonderful service, but it…

I hear you on this. We’re really sorry for the inconvenience. Unfortunately, this wasn’t fully within our control. To stay compliant with our bank partner’s requirements and network rules we were forced to make this change to existing Visa cards too. We did explore the card updater[1] and were hoping to be able to use it. Unfortunately it’s not a viable option due to technical limitations. If we could do the updating…

Can you provide more detail on the partner requirement that forced this?
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