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i guess this is a silly question but a company that holds my Us Dollars in a electronic account is called a Bank. A company that holds my stocks and shares (wh
by lifeisstillgood 8y ago
i guess this is a silly question but a company that holds my Us Dollars in a electronic account is called a Bank.
A company that holds my stocks and shares (which easily convert into US dollars) in an account is called a Broker or a Bank
So why is a company that holds my loyalty points (which also convert to US dollars) not also called a Bank (and regulated as such?)
- simonebrunozzi 8y agoI mostly agree with you: it should. Especially given that most companies take advantage of these programs and hurt customers, e.g. by diluting what you can do with a certain amount of previously earned points.
- gamblor956 8y agoBecause most loyalty points don't convert to US dollars... They have a USD/EU value equivalent because they need to for legal reasons but most companies will not honor requests to convert your points to dollars, and the fine print in their loyalty program T&C has language to that effect. They will only let you convert those points into their own goods or services. (Credit card loyalty points are different, but they're also subject to regulation.)