Banks watch where you spend, then sell that info to retailers

Banks watch where you spend, then sell that info to retailers

By

Banks now often turn the data they have on your spending habits into extra revenue by identifying likely customers for retailers. Until very recently, such data has been used mostly for fraud protection.

Wrongthink (rôNG, THiNGk): verb, any word or phrase that detests or goes against the current mainstream leftist narrative. Fight back! Scroll down to our Free Speech Zone to speak your mind freely.

If you were to order at Chipotle and pay with a credit card, you might soon find an alert from your bank proposing 10% off lunch at Little Caesars. The bank would earn fees from the pizza place, both for showing the offer and for processing the payment. Wells Fargo began customizing retail offers for individual customers on Nov. 21, joining Chase, Bank of America, PNC, SunTrust and some smaller banks, FOX 5 reports.

Unlike Google or Facebook, which decide what you’re interested in buying based on your searches, web visits or likes, “banks have the secret weapon in that they actually know what we spend money on,” said Silvio Tavares of the CardLinx Association, a trade group whose members help broker purchase-related offers. “It’s a better predictor of what we’re going to spend on.”

“Ten years ago, your bank was like your psychiatrist or your minister — your bank kept secrets,” said Ed Mierzwinski, a consumer advocate at the U.S. Public Interest Research Group. Now, “they think they are the same as a department store or an online merchant.”

The startup Cardlytics, one of the field’s pioneers, runs the offer programs for Wells Fargo, Chase and other banks. Through these partnerships, Cardlytics gets insights on $2.8 trillion worth of annual consumer spending worldwide.

A Cardlytics rival named Augeo runs a similar program with other banks. American Express has an in-house program for its cardholders, and Visa targets offers on Uber’s app for credits toward rides and food delivery.

The media can make you stupid and we’re working hard to be an antidote. If you agree, please tell a friend to check out LaCorte News!

“Consumers understand the banks are giving them ways to save money based on how they shop,” said Scott Grimes, CEO and co-founder of Cardlytics.

Many banks don’t seek explicit consent, instead, they include these programs in general agreements for the card or online banking. “It’s totally long, and people don’t read that,” said Saisattha Noomnual, a student in Chicago who gets targeted offers through her Chase and Bank of America cards.

Under federal law, banks have to let you withdraw from marketing — which is difficult to do if you’re not aware that it’s happening.

“Consumers aren’t aware of the subtle nudges apps are giving them to buy, buy, buy,” Mierzwinski said. “They are basically digging deep into your psyche and figuring out how to manipulate you.”

LaCorte News. We’re a news site that won’t make you dumber.

Image courtesy of Due

Trump signs executive order declaring Judaism a nationality

Trump signs executive order declaring Judaism a nationality

One critic said the order "appears designed less to combat anti-Semitism than to have a chilling effect on free speech and to crack down on campus critics of Israel."

Planned Parenthood to open sexual health clinics in 50 Los Angeles high schools

The  "wellbeing centers" provide a range of reproductive services but not abortions.

YouTube is training thousands of staffers to flag content that violates its harassment policy

YouTube’s chief product officer said the company is in an "incubation process" while training workers to rate content.

Church nativity depicts Jesus, Mary and Joseph as asylum seekers

Church nativity depicts Jesus, Mary and Joseph as asylum seekers

Critics asked why there was no display during the Obama years.

CNN ignores Sen. Lindsey Graham’s opening statement on IG report

FOX and MSNBC televised the remarks.

Rep. Gohmert drops alleged whistleblower’s name at House Judiciary meeting

Critics slammed Gohmert for saying Eric Ciaramella's name, calling it an attempt to intimidate.

Exit polls project Johnson victory in the UK’s ‘most important election in a generation’

Exit polls project Johnson victory in the UK’s ‘most important election in a generation’

Trump signs executive order declaring Judaism a nationality

Trump signs executive order declaring Judaism a nationality

One critic said the order "appears designed less to combat anti-Semitism than to have a chilling effect on free speech and to crack down on campus critics of Israel."

Planned Parenthood to open sexual health clinics in 50 Los Angeles high schools

The  "wellbeing centers" provide a range of reproductive services but not abortions.

YouTube is training thousands of staffers to flag content that violates its harassment policy

YouTube’s chief product officer said the company is in an "incubation process" while training workers to rate content.

Church nativity depicts Jesus, Mary and Joseph as asylum seekers

Church nativity depicts Jesus, Mary and Joseph as asylum seekers

Critics asked why there was no display during the Obama years.

CNN ignores Sen. Lindsey Graham’s opening statement on IG report

FOX and MSNBC televised the remarks.

Rep. Gohmert drops alleged whistleblower’s name at House Judiciary meeting

Critics slammed Gohmert for saying Eric Ciaramella's name, calling it an attempt to intimidate.

WATCH: Media bias at work?