WTF - Another reason why I hate the banks

Discussion in 'Markets & Economies' started by STKR, Jul 29, 2020.

  1. STKR

    STKR Well-Known Member Silver Stacker

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    I hate that individual privacy is being eroded while they pretend it's for your safety and protection.

    Exhibit A:
    Screenshot_2020-07-29-18-40-16-39.png
     

    Attached Files:

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  2. OneDay

    OneDay Active Member Silver Stacker

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    The firing squad is preparing to keep you safe. Now stand facing that wall!
     
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  3. STKR

    STKR Well-Known Member Silver Stacker

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    :D:D:D It feels very much like that.

    I'm going to take a chunk of cash out to spite them.
     
  4. leo25

    leo25 Well-Known Member Silver Stacker

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    My first question is why would anyone use a banking App, further more why would anyone use any App on a mobile device.

    I see it like this.
    Either privacy is important, then you don't use any mobile app. At most you can use an iPhone with nothing else installed, but only if you really need it.
    or
    You think privacy is only for nut jobs to worry about, in that case install facebook, tiktok, WeChat, Instagram and every other App available.
     
  5. silverhair

    silverhair Well-Known Member

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    The info collected helps them detect unusual activity in your account usage. Its quite helpful for fraud detection. Same as if you never buy say cars with your card but then suddenly one day you, it will get flagged on the spot because its not part of your normal usage profile.

    Always try to remember the banks dislike government and the ATO even more than you do. They like you because your making them money.
     
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  6. JulieW

    JulieW Well-Known Member Silver Stacker

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    Good point silverhair.

    The enemy of my enemy is probably an a-hole as well!

    :D
     
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  7. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

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    That's another reason I decided to start stacking and stay out of the banking system.
     
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  8. Karoi

    Karoi Active Member

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    Over 90% of my portfolio will remain outside the banking system for at least the next 1-3 yrs for a number of reasons!

    Regarding phone apps, unfortunately even when there’s options to change the privacy and security settings, this doesn’t guarantee anything at all in some instances :mad:
     
    Last edited: Jul 31, 2020
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  9. STKR

    STKR Well-Known Member Silver Stacker

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    That's the thing. At what point do you value privacy over security? What we get today is increases in convenience, which leads to a decrease in security, and to combat that decrease in security, they also decrease your privacy...

    Banks only care about profits (and power) and the effort + expenditure to make said profits. Their dislike for the government and the ATO is solely based on those entities impeding on their ability to make profits. As you said, they only like me because I do, or have the potential to, make them $$.

    The increase in "security" is not to help me, helping me is a byproduct of helping themselves - all at the expense of my privacy.
    I don't appreciate the erosions of my privacy AND the way they try to sell it to me as added security.

    I wouldn't give you or anyone else unfettered access my personal information, bank statements, location, what device I'm using OR it's operating system. I don't appreciate this becoming the new normal and believe it's an important area to be concerned about.

    As Edward Snowden once said:
    "Saying you don't care about your privacy because you've got nothing to hide, is like saying you don't care about freedom of speech because you've got nothing to say".

    Give 'em an inch and they'll take a mile! This is a wide spread problem that I believe more people need to become concerned with. I don't forget that these entities are still just comprised of individuals serving the interests of other individuals. Privacy is an integral part of our individual freedoms and I don't take my personal freedoms lightly.
     
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  10. alor

    alor Well-Known Member Silver Stacker

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    welcome to the untruth kingdom
    oops the devil is still king there
     
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  11. silverhair

    silverhair Well-Known Member

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    You are over estimating our local banks intelligence and capabilities. I am directly exposed to their technical stupidity through the work I do and we have nothing to worry about in the area specific to this thread.
     
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  12. STKR

    STKR Well-Known Member Silver Stacker

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    I did have quite the rant, and It felt good at the time.
    For me, it's more about the option and opportunity to have access to my personal information - It's the unlevel playing field - Just like how tech companies will profile you for 'advertising'.

    I remember in 2007 listening to Aaron Russo talk about his friendship with Nick Rockefeller, the things they spoke about and what Aaron said Nick revealed to him. The things that Aaron said were a bit of a shock to me at the time, but what was more shocking was the way everything's transpired over the next 13 years, and the connection to what Aaron was saying. I found this video which summarises much of what he said:



    And it would be naive to assume our "local banks" are actually local, and that all employees and contractors would have unrestricted access to such information. At the end of the day, they are the serfs of the bank(s) like most of us are just serfs within our society.

    Screenshot_2020-08-01-10-24-57-26.png
     
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  13. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    I watched an interesting sharemarket investment video the other day. It only went for about 6 minutes, that's why I watched @Markco2. :p

    The guy was a financial adviser and he was explaining the stocks that they have a policy of avoiding, banks were on the list because they are subject to legislative interference and they have a policy of avoiding such stocks. Telecommunications was also lumped in there (as you could understand), but I'll make an exception for 5G tech because the upside potential is so positive.
     
  14. madaw1

    madaw1 Well-Known Member

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    Especially the wording -Where you are? Ha Ha Ha:rolleyes:
    For my own protection ,the Bank wants to know if I'm in( for example) Toilet or not...
     
  15. alor

    alor Well-Known Member Silver Stacker

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  16. Karoi

    Karoi Active Member

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    Good to hear other opinions about the banks. It's amazing how rapidly their fortunes have changed. Year after year they kept breaking their own record multi-billion dollar quarterly profits.
    Now they're having to deal with fewer mortgage applications, lower interest rates and a rising number of individuals and businesses struggling to honor their mortgages and other loan repayments!

    5G certainly has upside potential, as well as other networking/communications like cloud computing.
     

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