[freeandfreezing]

Sounds like a great opportunity to introduce the Privacy in Purchasing act of 2018. It should be illegal for banks to obtain, retain, or otherwise process data from their payment systems in such a way that they can identify what the purpose of the payment was without the explicit permission of the account holder.

Apart from matching payers with payees, there is no need for a bank to be recording the nature of what was exchanged in the transaction. And apart from the convenience of online records, there is no reason a bank has to preserve that data for very long.

Banks will insist that they need the data to catch frauds but there are other ways to do that analysis that do not put banks in the position of spying on people.

The law should also ban discrimination by banks against any buyer or seller of legal products.

Sounds like a project for the ILA.

[FLT-bird]

I like it! I support the privacy in purchasing act. Where do I sign up?