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+#+title: Concerning Changes on Privacy.com
+#+date: 2022-08-31
+#+description: My thoughts on Privacy.com changing from a prepaid model to a credit charge model.
+#+filetags: :privacy:
+
+* Privacy.com Changes Their Terms
+Recently, Privacy.com reached out to their customers regarding a change
+in their terms of use. Further, all customers are required to agree to
+the changes in order to continue using their accounts.
+
+[[https://privacy.com/commercial-cardholder-agreement][You can view the
+new cardholder agreement here]].
+
+When you log in, you'll be greeted with a pop-up window asking you to
+review and agree to the new terms of use. You will also not be able to
+open any new cards until the terms are agreed to.
+
+** Changing from a "Prepaid Debit" Model to a "Charge Card" Model
+The actual content of the changes is interesting. While the historical
+model of using Privacy.com was akin to prepaid debit cards, the new
+model is very similar to a credit card (they use the term "charge
+card").
+
+I have used Privacy.com for 1-2 years, and the process was always that
+you would create a single-use or merchant-locked card. This card could
+be used for any dollar limit you set and would immediately draw the
+funds from whatever funding source you connected, e.g. PayPal account or
+a bank account.
+
+The benefit this service provides with a premium account is masking the
+merchant names from your funding source. If you have a concern that your
+bank account uses merchant data from your account, you could direct all
+charges through Privacy.com and set the merchant as one of their pre-set
+options, such as "Smiley's Corner Store" or "NSA Gift Shop."
+
+The new model still works with a bank account as a funding source, but
+the model is changed so that you get a "line of credit" set according to
+a 14-day billing cycle. It seems that Privacy.com will now allow charges
+to be incurred without being immediately paid.
+
+** Daily Payments and Available Credit
+Instead of paying as charges are incurred, you must make a "Daily
+Payment" and your "Available Credit" will be locked until you make that
+payment. There are also "End of Billing Cycle Payments" that are
+assigned a due date.
+
+Further, Privacy.com will decline charges that would cause you to exceed
+your Available Credit or Credit Limit.
+
+One particular interesting section states the following:
+
+#+begin_quote
+YOUR OBLIGATION TO PAY US BACK FOR ALL CARD TRANSACTIONS AND OTHER
+OBLIGATIONS YOU INCUR IS SECURED BY THE SECURED ACCOUNT. IF YOU DO NOT
+PAY US BACK FOR ANY AMOUNT YOU OWE US WHEN YOUR PAYMENTS ARE DUE, WE
+WILL EXERCISE OUR INTEREST AND DEBIT THE SECURED ACCOUNT, AND YOU WILL
+LOSE THE MONEY IN THE SECURED ACCOUNT. SEE SECTION 8: SECURITY AGREEMENT
+FOR MORE INFORMATION.
+
+#+end_quote
+
+** Personal Information
+Now that Privacy.com is more of a financial institution, they are
+obligated to comply with the
+[[https://en.wikipedia.org/wiki/Know_your_customer][know your customer]]
+guidelines/laws.
+
+I did not proceed with the change to my Privacy.com account, but I have
+heard from some peers that the changes require more personal information
+to be submitted, such as SSN. I am not aware of all new personal
+information required or if the funding source is now required to only be
+a bank account.
+
+** Fees
+Luckily, the fees section did not change much. The subscription fees for
+a premium account are still the only fees.
+
+* My Thoughts
+Personally, I wiped my personal information from my account and then
+permanently deleted it when I heard about these changes. I have no
+interest in yet another method of credit lending offered by private
+companies. While I accepted that they would have access to my bank
+account information for the purposes of paying off my prepaid debit
+payments, I have no interest in incurring charges that will need to be
+paid back at a later date. I also have no interest in submitting
+personal information to Privacy.com.
+
+This type of change toward a "buy it now, pay us later" model is
+concerning, and I will be watching Privacy.com to see if they further
+their interests in the credit model as time goes on.
+
+Could we see them start charging interest, fees, etc.? I'm not sure, but
+this change does not inspire confidence in their mission as a
+privacy-focused company.