Facebook to Banks: Give Us Your Data, We’ll Give You Our Users

WSJ ^ | 8/6/2018 | Emily Glazer, Deepa Seetharaman and AnnaMaria Andriotis

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The social media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking account balances, as part of an effort to offer new services to users.

Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase JPM +0.25% & Co., Wells Fargo & Co., Citigroup Inc. C +0.20% and U.S. Bancorp USB +0.40% to discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter.

Facebook has talked about a feature that would show its users their checking-account balances, the people said. It has also pitched fraud alerts, some of the people said.

Data privacy is a sticking point in the banks’ conversations with Facebook, according to people familiar with the matter. The talks are taking place as Facebook faces several investigations over its ties to political analytics firm Cambridge Analytica, which accessed data on as many 87 million Facebook users without their consent.

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Facebook has asked large U.S. banks to share detailed financial information about customers as it seeks to boost user engagement

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Yeah, this will make us love you even more,FB, .....ping

[Zathras]

Hopefully, the banks laughed in their faces.
Glad to see the GOP-e is going to get right on this. /sar

[TADSLOS]

I guess Zuckerberg hasn’t been sued enough already.

[I want the USA back]

FB is a criminal organization. suckerburg is a criminal.

[Lurkinanloomin]

Hasn’t Wells Fargo run off enough of their customers?

[tomkat]

FB is EVIL

[cuban leaf]

I still have a facebook account, but about a week ago I disabled the account on my smart phone. A funny thing happened. I haven’t been there since.

[snarkpup]

A couple of months ago, about the time Zuck started to really hit the fan, he was trying to get hospitals to dump their patients' data in his lap.

[RatRipper]

They would have to get a waiver on each customer. Credit card and debit card fraud is at ridiculous levels already. This is beyond nuts.

[Buckeye McFrog]

I am not on Facebook. I do not want my bank sharing ANY of my info with them.

[glorgau]

That’ll be great, go to your bank’s website and it says “Login using Facebook”.

[G Larry]

This intrusion must stop NOW.

Make sure your bank knows that you do NOT approve!

[ghostkatz]

this is down right creepy. FB doesnt like your politics they shut you out of yor bank accounts. “Those who refuse to take the mark will not be able to buy or sell” Prophetic.

[generally]

Haha!

The two big “apology” commercials I’ve seen have been Wells Fargo and Facebook. They are attempting to win users back by saying that things have changed and they’re not going to abuse us again.

Hahahahahahaha!

Fool me once, shame on you. Fool me twice shame on me.

I hope the rest of the country are not suckers for this crap.

[Oldexpat]

Google Facefraud and Amazon have gotten too big and too politically powerful. They need to be cut down to size and neutered.

[ridesthemiles]

I bank with a small town bank. IF they bend to Facebook’s wishes, I will sue them & go elsewhere.

OR—If necessary-—I will keep the account, take out all of my $$$ every time I am paid, and buy money orders to pay my bills.

[ridesthemiles]

Same here.

[plain talk]

This is indicative of many companies these days. Rather than sticking to their knitting they see all these users and want to take over their world for them and make everything revolve around their company. The wheels are always turning —

Let them do what they want and people will respond. However from a PR standpoint this is awful timing.

[samtheman]

My bank already sends me 3 “courtesy checks” a month. I don’t ever use any kind of checks ever. And these courtesy checks come with a 10% usage fee. You read that right. If I use one to write a check for $100, $110 gets deducted from my account.

I always have to remember to shred them. I’ve called them and told them to shove them where the sun doesn’t shine, but I keep getting them.

I know, switch banks. But I’ve been with this bank a long time and there are certain advantages to staying.

The point of all this is, if my own bank is willing to openly try to swindle me with “courtesy checks”, then of course they will share information with FB.

I’m just glad I’m not on FB.