401–406 of 406 posts
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You better don't look into how banks make money on your savings.
You better don't look into how banks created your savings by creating loans that were used to invest into companies and thus pay salaries.
These things are getting out of hand.
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This would explain why so many damn coffee shops dont deal with cash now - the double as a coffee shop and data reseller
Merchants aren't going cash only to sell your data, they're doing it because it's expensive to handle cash and makes their taxes a whole lot more troublesome too.
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In a theoretical sense, you are right. The life of most currency notes is bank to customer to merchant to bank, and the bank could just track serial numbers to figure out your spending habits. Practically, it would make little sense. The actual life of most currency notes is bank1 to customer to merchant to bank2, and there is a large probability that bank1 and bank2 are different entities. And then, so many more peo…
Is the probability that large for bank1 vs bank2? There’s only a few major banks left. Chase has so many ATMs it’s hard to compete with the access.
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It does, at least in some cases. When I book flights directly from an airline, the bank knows the name of the passenger, the date of the flight, the origin and destination airports, as well as the cabin class. For one bank (Chase), the information is printed on the statements; for another they have a web lookup tool.
Flights are one of the very few cases where this happens automatically though the card providers systems. It's called L2 data, and it's sent a little while after the transaction goes through.