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-date = 2022-08-31
-title = "Concerning Changes on Privacy.com"
-description = ""
-draft = false
-+++
-
-# 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.
-
-[You can view the new cardholder agreement
-here](https://privacy.com/commercial-cardholder-agreement).
-
-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:
-
-> 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.
-
-## Personal Information
-
-Now that Privacy.com is more of a financial institution, they are obligated to
-comply with the [know your
-customer](https://en.wikipedia.org/wiki/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.