From 2be43cc479dfd4cfb621f14381330c708291e324 Mon Sep 17 00:00:00 2001 From: Christian Cleberg Date: Sun, 28 Jul 2024 19:46:20 -0500 Subject: conversion from Zola to Weblorg --- content/blog/2022-08-31-privacy-com-changes.md | 92 -------------------------- 1 file changed, 92 deletions(-) delete mode 100644 content/blog/2022-08-31-privacy-com-changes.md (limited to 'content/blog/2022-08-31-privacy-com-changes.md') diff --git a/content/blog/2022-08-31-privacy-com-changes.md b/content/blog/2022-08-31-privacy-com-changes.md deleted file mode 100644 index e9ff651..0000000 --- a/content/blog/2022-08-31-privacy-com-changes.md +++ /dev/null @@ -1,92 +0,0 @@ -+++ -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. -- cgit v1.2.3-70-g09d2