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-#+title: Concerning Changes on Privacy.com
-#+date:  2022-08-31
-
-** Privacy.com Changes Their Terms
-:PROPERTIES:
-:CUSTOM_ID: privacy.com-changes-their-terms
-:END:
-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
-:PROPERTIES:
-:CUSTOM_ID: changing-from-a-prepaid-debit-model-to-a-charge-card-model
-:END:
-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
-:PROPERTIES:
-:CUSTOM_ID: daily-payments-and-available-credit
-:END:
-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
-:PROPERTIES:
-:CUSTOM_ID: personal-information
-:END:
-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
-:PROPERTIES:
-:CUSTOM_ID: fees
-:END:
-Luckily, the fees section did not change much. The subscription fees for
-a premium account are still the only fees.
-
-** My Thoughts
-:PROPERTIES:
-:CUSTOM_ID: my-thoughts
-:END:
-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.